The second edition of the Moneycontrol’s Indian Family Business Awards was held in Delhi recently, celebrating the success and resilience of family-owned businesses in India. The awards ceremony was graced by Piyush Goyal, the Union Minister of Commerce, who highlighted the progress made by India under the leadership of Prime Minister Narendra Modi. Goyal emphasized how the Indian economy had transformed over the past nine years, citing the elimination of oil bond debt, reduced inflation and interest rates, improved growth, and strengthened exports.
Goyal also acknowledged India’s demographic dividend and expressed confidence in the country’s future, stating that India would continue to benefit from its large young population for the next 30 years. The awards ceremony brought together leaders of family-owned businesses across various categories, recognizing their contribution to the nation’s economy and wealth creation.
One of the panel discussions at the event focused on succession planning and family offices. During the discussion, it was revealed that family businesses in India have significantly increased their investments in private markets, from 1% in 2011 to around 12% currently. Family businesses were also found to be open to overseas investments, with foreign countries preferring investments from India over those from China.
The panel also highlighted the importance of creating a culture within family businesses and treating family members as professionals. Puneet Dalmia, the Managing Director of Dalmia Bharat Limited, emphasized the need to maintain a professional approach while involving family members in the business.
Roshni Nadar Malhotra, Chairperson of HCL Technologies Ltd, praised family businesses for creating long-lasting institutions and emphasized the importance of corporate governance for their growth and sustainability.
The event concluded with the announcement of the winners in various categories. Companies such as TEGA INDUSTRIES LTD, Metro Brands, Century Plyboards (INDIA) Ltd, Havells India Ltd, and many more were recognized for their innovative and transformative approaches to business.
Family businesses play a crucial role in the Indian economy, contributing to 70% of the nation’s GDP and employing nearly 60% of the total workforce. These businesses have shown resilience during the pandemic, adapting to changing circumstances and continuing to deliver strong performance and growth.
Source: Ministry of Commerce, Moneycontrol (no URLs provided)