Family businesses are the lifeline of any economy. It is estimated that globally family businesses contribute around 70 percent – 90 percent of the global GDP.
India is no exception. Family forms an integral part of Indian culture and businesses. Indians have generally preferred taking the risk of being self-employed rather than taking the safer path of employment with corporate organizations/ professional firms.
This is evident from the fact that more than half of India’s workforce is self-employed. Family-run businesses account for more than 85 percent of businesses in India.
Furthermore, 67 percent of total listed companies with a market capitalization exceeding more than US $50 million each accounts for family businesses in India.