Family Businesses: Pillars of India's USD 5 Trillion Economy Vision

Family businesses, constituting over 70% of India's GDP, are crucial to India's economic vision of achieving a USD 5 trillion status by 2047. Union Minister Jitendra Singh highlighted their role in steering the economy while balancing tradition with modern innovation. The Moneycontrol Family Business Awards celebrated their contributions.

Family businesses are pivotal in India's ambitious goal of becoming a USD 5 trillion economy by 2047, emphasized Union Minister Jitendra Singh during the Moneycontrol Family Business Awards.

Currently contributing more than 70% to the GDP, these enterprises are expected to boost their share to up to 85% by 2047. Singh praised their adaptability, citing their crisis management during the COVID-19 pandemic. With initiatives like PM-Vishwakarma, the government aims to support these vital entities further.

Singh also encouraged younger leaders in family enterprises to merge tradition with innovation to face challenges like succession and global competition. The awards recognized the exceptional contributions of family businesses, promoting a collaborative atmosphere in India's business scene.

(With inputs from agencies.)