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India’s business ecosystem is undergoing a profound reset. Failure is no longer viewed as a lasting stigma for entrepreneurs, private equity has firmly entered the capital stack, and regulatory reforms have steadily improved the ease of doing business. At the same time, public sector banks remain cautious, politically sensitive “hot potatoes,” limiting risk-taking and the development of a deep restructuring market.

Against this backdrop, Deepak Narayanan (OPM 62), founder and CEO of Practus, a management consulting firm built around outcome-driven, draws on nearly two decades of experience advising multi-generational family businesses, Indian conglomerates, global corporations, and PE-backed companies. 

Deepak offers a ground-level view of how Indian businesses have evolved from promoter-led, bank-funded models to more professional, governance-focused, and capital-market-oriented structures. The conversation also explores generational mindset shifts, India’s changing risk appetite, the limits of current turnaround mechanisms, and how leadership is shaped by inner work through yoga, volunteering, and reflection.

Here are the Top 10 Takeaways from the conversation:

1. Failure is no longer a career-ending stigma in India. Entrepreneurs can fail, reset, and return stronger—especially in the venture-backed ecosystem.
2. Public sector banks remain structurally risk-averse. Political sensitivity limits bold restructuring and turnaround decisions, slowing capital recycling.
3. Private equity has transformed how Indian companies grow. PE brings capital, governance discipline, and valuation focus beyond traditional bank debt.
4. Multi-generational businesses are changing rapidly. Younger leaders push professional management, transparency, and institutional practices.
5. Emotional attachment to control still differentiates India. Promoters are often slower to let go—whether to professionals, investors, or exits.
6. Ease of doing business has improved meaningfully. Digitization reduced friction and opacity, especially in compliance and administration.
7. Manufacturing still faces structural barriers. Land acquisition, approvals, and execution complexity remain major challenges.
8. Consulting must deliver outcomes, not reports. Clients increasingly demand implementation and measurable ROI.
9. Entrepreneurship is now culturally acceptable across communities. Risk-taking is no longer limited to traditional business communities.
10. Leadership maturity comes from inner stability. Yoga, volunteering, and surrender replace control without reducing ambition or effort.

Books:

• Autobiography of a Yogi 
• Living with the Himalayan Masters 
• Atomic Habits