2013 wasn't a great year for Indian billionaires. Their ranks and overall wealth declined more than 5%. Meanwhile, the country has struggled with economic issues including a weak rupee, slowing growth and high public debt.

But with a sweeping victory for the country's pro-business party last month, and the inauguration of a new prime minister, Narendra Modi, investors hope a turnaround is near. Modi is focused on growth, and seeks to attract foreign investment by minimizing bureaucratic challenges businesses face there. That means more billionaires could be on the way.