Private equity (PE) and venture capital (VC) investors have been a vital part of India's growth story since a long time. Dhankar and Malik (2015) in their study empirically proved how companies backed by PE have consistently shown better performance compared to other companies in terms of high performance, job creation, growth and tax revenues. From 2005-2020, there has been an investment of US$20 Mn by the PE and VC industry in India. In 2019, there was an investment of US$30 bn. About 59% of FDI investment in India comes via the PE route. Bordia and Blau (2015), Bloom et al. (2015), Clarkson (2009) and Smith (2018) have found out in their studies that PE- and VC-backed firms create more employment opportunities and pay more taxes compared to non-PE- backed firms. Due to the start-up wave, there has been an increase in direct jobs with fresh graduates and lateral recruits joining the new firms. With the next generation of entrepreneurs, they are not building on debt. In terms of deal making, there is far more diligence in deal signing. The arrival of the pandemic is a time for the PE industry to make use of their rising dry powder. Dry powder is a term used for VC and PE companies means the funds available for the general partners for investing. Dry Powder - Capital Commitments - Invested Capital The dry powder has been on a rise and being available for deal making. The Indian government has understood the importance of the PE industry and has created a conducive environment for the growth of the industry. Some of the key recommendations for the industry in the year 2019 which have also been accepted by the government have been pass through of end of fund losses of AIFs to their investors, extension of tax exemptions in IFSC's to AIF's, exemption of Angel Tax (Section 56). The same has been accepted by the government. Flagship programmes such as Start-up India and Digital India continue to improve landscapes for the start-ups. 1. How the usage of Dry Powder developed over the years? 2. "Dry Powder is essential for Deal making"-discus. 3. How the PE giants such as Blackstone, KKR and Carlyle utilise Dry Powder