Family business will continue to play a catalytic role in nation building

"Lasting Legacies - Championing Indian Family Business Growth" publication, which captures the journey of Thomas Schmidheiny Centre for Family Enterprise at ISB unveiled

Hyderabad: Captains of Indian industry reiterate that family business in India played a significant role in socio-economic transformation of the country and will continue to play a more important role in nation-building. They were taking part in an online panel discussion organised by Thomas Schmidheiny Centre for Family Enterprise at the Indian School of Business (ISB).

Sharing his insights at the session, Farhad Forbes, co-chairman, Forbes Marshall highlighted that, due to the inherent spirit of entrepreneurship, family business over the years has sustained itself very well and with new growing opportunities coming up, next generation is well poised to steer forward their organisation to the next level and family business will continue to be a significant force in the transformation of the country.

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Puneet Dalmia, MD, Dalmia Bharat Group said that family business is known for being most adaptable and this principle is enabling family business withstand the pace of changes and disruptions. Stable shareholders, risk-taking ability and entrepreneurship spirit have been some of the key hallmarks of family business, he added. He underlined the need to foster innovations and treat family members as professionals and build upon the skill sets of the members and explore new growth trajectories.

Meher Pudumjee, chairperson, Thermax called on the need to offer space for the next generation to pursue their new ideas, thoughts and aspirations. Adding further, she said that there are many ways for the next generation to contribute to the spread and growth of their family business.

She emphasised on the need to develop long-term thinking and develop strategies around it. She said having a strong and robust governance structure will go a long way in consolidating the family business structure.

The programme was also marked by the online release of “Lasting Legacies – Championing Indian Family Business Growth” publication, that captures the journey of Thomas Schmidheiny Centre for Family Enterprise at ISB.

Speaking at the publication release session, Adi Godrej, chairman, The Godrej Group, said that he is looking forward for the Centre to play a greater role in family business.

Dr Thomas Schmidheiny, chairman and founder, Spectrum Value Management said that education is the most powerful way to create a positive impact in the society and appreciated the Centre for being a path breaker in family business and for making rapid strides in research & training.

Professor Rajendra Srivastava, dean, ISB called on the need to integrate innovation and governance in the family business structure. Professor Madan Pillutla, dean designate, ISB underlined that the Centre has demonstrated that research-led education in family business can be effective.

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