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Celebrating the pioneering entrepreneurial spirit of family businesses

After the extraordinary success and impact of Indian Family Business Awards season one, the stage is now set for the second edition of the event.

February 16, 2023 / 17:04 IST

India’s top 500 companies account for nearly 91 percent of the market capitalisation of the Bombay Stock Exchange and contribute nearly 16 percent of the country’s GDP, making up around 46 percent of the nation’s foreign exchange earnings and roughly 23 percent of its tax revenues, according to a Dun & Bradstreet study.

Over 300 of these top 500 companies are family-owned businesses, as per the Economic Times.

This fact speaks to the enormous contribution that Indian family-owned business make – and have always made – to driving the country’s growth story. Many family businesses came into existence before or soon after India’s Independence while others were established during the economic reforms of the 1980s and 1990s; their role in nation-building cannot be denied. Their entrepreneurial spirit, passion for innovation, rootedness in traditional values, ability to create wealth and generate employment for millions of fellow citizens make them the true champions of modern India.

Yet their vital role in providing a robust backbone to the Indian economy through thick and thin has often gone unsung. Until last year, that is. This was when the first edition of the Indian Family Business Awards Presented by Moneycontrol, co-created with Waterfield Advisors and process partner Grant Thornton celebrated the resilience and strength of family businesses at a grand awards ceremony.