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.
Indian names such as the Tatas, Birlas, Ambanis, Godrejs and Goenkas are known the world over as large corporates with a diversified and global geographical footprint as well as the power to make billions of rupees of wealth. However, a large percentage of the wealth and employment generation is also driven by family businesses that are not so well known. Indian Family Business Awards focussed on honouring family businesses from across the country, in all sectors covering the widest spectrum of scale and size.
The who’s who of India’s family business community that represents the foundational underpinning of micro and macro financial stability in India all showed up to demonstrate their support for this first-of-its-kind event. The chief guest at the prestigious award function for season one was Jammu and Kashmir Lieutenant Governor Manoj Sinha.
Among the key winners, SRF Limited won the Best Family Business Award in the Giga category, i.e., companies with an annual turnover of over INR 5,000 crore. Kajaria Ceramics received the award in the Mega category of businesses (annual turnover of INR 1,000 crore to INR 5,000 crore). In the Super category of businesses with an annual turnover up to INR 1,000 crore, Tally Solutions bagged the Best Family Business Award.
Puja Sekhri and Akluj, Maharashtra-based Fratelli Wines, won the award for the Best Family Business led by a Woman in the Super category. In the Mega category, the award for the Best Family Business led by a Woman was presented to JK Lakshmi Cement.
Apollo Hospitals, INOX Air, and Inland World Logistics were honoured for the Best COVID-19 Response for their contribution to the battle against the pandemic while Dixon Technologies won the Special Jury Award for Most Enterprising First Gen Business.
Security and facility management company Tenon Facility Management won the award for best governance.
The grand event also featured a lively chat with Lieutenant Governor Manoj Sinha, veteran investment banker Hemendra Kothari, and Dhruva Advisors CEO Dinesh Kanabar who debated the finer points of Indian family-run businesses and how they have changed over the years.
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.
Nominations are open and the resplendent awards night is being looked forward to with great anticipation.
Submit your Nominations now: https://www.moneycontrol.com/msite/indian-family-business-awards
Moneycontrol journalists were not involved in the creation of the article
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