India's Family Businesses Eye Rapid Growth and Global Expansion
Family businesses, which account for a substantial 70% of India's GDP, are gearing up for significant growth and expansion. A majority of these enterprises, 40%, plan to diversify, with over half aiming to enter international markets.
The Confederation of Indian Industry's Family Business Network (CII FBN) India Chapter, established in 2005, plays a pivotal role in supporting these businesses. With 4,000 business families from 65 countries as members, the network provides a global platform for growth and collaboration.
The optimism among Indian family businesses is evident, with 89% expecting quick growth and 45% anticipating steady growth in the next two years. These businesses often outperform public sector companies and multinational corporations (MNCs), demonstrating their resilience and potential.
Amidst regulatory changes and disruptive technology, family businesses are poised to grow and contribute more to the Indian economy. Initiatives by the CII FBN India Chapter, such as addressing generation gaps and managing aspirations, will be crucial in supporting these businesses as they adapt and thrive across generations.
