‘India’s economic backbone’: Moneycontrol PRO, Waterfield Advisors honour family businesses in IFBA 2023

According to Dinesh Arora, Partner at PwC India, consumer tech and healthcare are currently the hottest sectors for family offices, reflecting a broader trend of innovation-driven investments.

The Indian Family Business Awards 2023, organised by Moneycontrol PRO and Waterfield Advisors, was held on December 3 in New Delhi to recognise the remarkable contributions of family-owned businesses to India’s economic growth.

The evening brought together industry stalwarts to celebrate India’s entrepreneurial spirit, innovation, and the role of family businesses in driving the nation’s growth.

Union minister and chief guest Jitendra Singh, who oversees portfolios like science and technology and the Prime Minister’s Office, delivered a keynote speech saying, that India has become one of the top five economies in the world from being fragile five. "India within one decade now ranks number three in global startup ecosystem," he added. He further said over 70 percent of India's GDP is contributed by family businesses.

Super Category Awards

Supriya Lifescience Ltd received the award for being the most innovative, disruptive & transformational.

FIL Industries Pvt Ltd was recognized for best governance.

Forbes Marshall Pvt Ltd was recognized as the best family business.

HP Adhesives Ltd was honoured as the best family businesses empowered and led by women.

Harivansh Narayan Singh, deputy chairman of Rajya Sabha, also delivered a keynote address, lauding India's family-led businesses for nation's growing stature in the global economic framework. The deputy chairman of Rajya Sabha, added that global investors have recognised India's growing prowess in entrepreneurial domain.

Mega Awards

The Mega Awards for best family business was given to Safexpress Pvt Ltd.

INOX Group (INOX India Ltd and INOX Air Products) was recognized for best governance.

Tilaknagar Industries Ltd received most innovative, disruptive & transformational award.

Ashoka Foundry & Equipment Pvt. Ltd was honoured as the best family businesses empowered and led by women.

Century Plyboards (India) Ltd. was recognized for its exceptional contributions to philanthropy.

In a fireside chat, Sunil Kant Munjal, chairman of Hero Enterprise said that family business is a category that is often misunderstood. "It is not only an Indian phenomenon but a global one. Family offices have become an already important source of funding. Increasingly, the role of family businesses is increasing also because of the expertise and mentorship that comes with it," he added.

Giga Category Awards

Alkem Laboratories Ltd. was recognized as the most innovative, disruptive & transformational.

Thermax Limited received the best governance award.

KRBL Ltd (India Gate) was honoured as the best family business.

Gujarat Fluorochemicals Ltd (GFCL) received the next-gen business (jury special) award for its innovative approach and visionary leadership.

Editorial Award

The next-gen editorial award was presented to Jinal Mehta, vice chairman and managing director of Torrent Power.

The woman business leader award was conferred upon the Reddy sisters of Apollo Hospitals Enterprise Ltd.

Anand Burman, chairman emeritus of Dabur India, received the lifetime achievement award.

In the keynote address, Amitabh Kant, G20 Sherpa and former CEO of NITI Aayog, said, "If India has to grow at the rate of 8-9%, it can’t be done without family businesses, which contribute about 75% of India’s GDP." He further said that much of India’s diversification has happened because of family business. "Governance and succession which family businesses bring is vital for India’s growth," he added.