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The Sanskrit roots involved are (a) prI, cognate with the root of English friend, which means to gladden or comfort, from whence one gets masculine priya or feminine priyA, the liked or loved or favourite and (b) Ish, cognate with German eigen, means to possess, and Isha meaning master. priyesha, therefore, can mean master of the loved, or the favourite/beloved master, but it is a modern coinage, probably patterned after other names.