The story of a contractor who lost nearly ₹200 crore during the 1992 Harshad Mehta stock market scam — and later rebuilt his life after seeking mental health support — reflects a wider and deeply troubling crisis facing India’s business community.
After years of extreme stress and isolation, the contractor began recovering only after consulting a mental health professional. He was encouraged to stop avoiding calls from creditors, open up to family and friends, accept lifestyle sacrifices and gradually resume work. Small steps, experts say, often make the biggest difference.
## Suicides among business people exceed farmers
An analysis of government data, including the latest National Crime Records Bureau report Accidental Deaths & Suicides in India 2023, shows that 12,313 business persons died by suicide in 2023 — more than those engaged in farming, where 10,786 such deaths were recorded.
This trend has continued every year since 2020, challenging long-held assumptions about which economic groups are most vulnerable.
Maharashtra, Karnataka, Tamil Nadu, West Bengal and Madhya Pradesh together accounted for over half of suicides among business persons, with Karnataka contributing 14.1 per cent.
## Loneliness, stigma and uncertainty
Mumbai-based psychiatrist Harish Shetty said many small business owners experience profound loneliness. “There is a sense of isolation, compounded by uncertainty and fear of failure,” he said, adding that outdated social attitudes equating financial trouble with shame worsen the problem.
Shetty called for stronger government initiatives, grassroots mental health outreach and better data collection led by health authorities rather than police records.
## Data gaps hide the real scale
A World Health Organization report released in May 2025 highlighted that India has low-quality suicide data. While India recorded an estimated 177,567 suicide deaths in 2021, experts believe the true figure may be significantly higher due to under-reporting driven by stigma and fear of legal procedures.
## Coping with financial crisis: expert advice
Mental health professionals advise those facing business distress to share problems with loved ones, avoid unrealistic repayment promises, maintain work routines, report threats, and seek professional help early.
The message is clear: financial failure is not a personal failure — and support can save lives.