Mumbai: Union Minister Dr. Jitendra Singh, Minister of State (Independent Charge) for Science and Technology and Earth Sciences, emphasized the pivotal role of family businesses in driving India’s economic growth at the Moneycontrol Family Business Awards 2024. Addressing a distinguished audience of industry leaders, Dr. Singh underscored the importance of family enterprises in achieving the country’s vision of a $5 trillion economy and its goal of becoming a developed nation by 2047, under the leadership of Prime Minister Narendra Modi.
“Family businesses are the backbone of India’s economy, contributing over 70% to the GDP and employing a significant portion of the workforce. By 2047, this share is projected to rise to 80-85%, cementing their role in shaping the nation’s future,” he stated.
Dr. Singh praised the resilience and adaptability of family businesses, especially during crises like the COVID-19 pandemic. Many of these enterprises successfully pivoted to support critical sectors, showcasing their ability to combine legacy values with modern innovation. “Their enduring spirit and entrepreneurial acumen are invaluable assets to India’s economic framework,” he added.
Highlighting government initiatives tailored to support family businesses, the Minister pointed to schemes like PM-Vishwakarma, which focuses on traditional skills often associated with family enterprises. He also elaborated on recent measures aimed at fostering business growth, including:
- Mission Mausam
- ₹1,000 crore Venture Fund for startups
- ₹1 lakh crore allocation for the National Research Foundation
- The launch of One Nation One Subscription (ONOS)
Acknowledging challenges such as succession planning and navigating global competition, Dr. Singh urged the younger generation of business leaders to balance tradition with innovation. “As custodians of India’s economy, family businesses must continue to inspire and lead, embodying resilience, innovation, and community building,” he remarked.
The event celebrated exceptional contributions by family businesses to India’s economy and society. Dr. Singh congratulated the winners and encouraged all participants to foster entrepreneurship, create jobs, and contribute to regional and national development.
The Moneycontrol Family Business Awards recognize enterprises that excel in business operations while upholding values and traditions, encouraging innovation and collaboration in India’s business ecosystem.
As India marches toward its economic goals, the contributions of family businesses remain integral to its success story, serving as a foundation for sustained growth and prosperity.
