Hi Mr.Garg and Neil,
this is stinging caterpillar of Moth[family Limacodidea] on Careya arborea[family Lecythiadaceae].Do not handle it.
Lecythiadaceae plants are not known food plants of Baronet.
F.P.s of Baronet are from Ebonaceae or Dipterocarpaceae
and they are not colourful or stinging and one can handle it.
Usha