Dr. Jitendra Singh Highlights Role of Family Businesses as Pillars of India’s Economic Growth

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Union Minister of State (Independent Charge) for Science and Technology, Minister of State (Independent Charge) for Earth Sciences, MoS PMO, Department of Atomic Energy, Department of Space, Personnel, Public Grievances and Pensions, Dr. Jitendra Singh lauded the contribution of family businesses to India’s economic growth at the Moneycontrol Family Business Awards 2024. Addressing an esteemed gathering of industry leaders, he emphasized the indispensable role of family enterprises in achieving India’s vision of becoming a $5 trillion economy and a developed nation by 2047, a mission spearheaded by 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 expected to rise to 80-85%, highlighting their critical role in shaping the nation’s future,” Dr. Singh stated.

Union Minister further delved upon the schemes like PM-Vishwakarma, which is best suited for corroborating the traditional family business in the nation. He praised family enterprises for their resilience and adaptability, citing their remarkable response during crises such as the COVID-19 pandemic, when many pivoted to support critical sectors. “Their ability to merge legacy values with modern innovation is a testament to their enduring spirit and entrepreneurial acumen,” he added.

Dr Singh also outlined some steps taken in the recent past in order to further give a boost to the Indian Economy. Missuon Mausam, One Thousand crore Venture Funds for startups, 1 Lakh crore for National Research Foundation, and recently inaugurated One Nation One Subscription (ONOS) are some of the decisions taken in recent past by Government which are solely aimed at promoting business atmosphere in the country.

Acknowledging the challenges faced by family businesses, such as succession planning and navigating global competition, Dr. Singh urged the younger generation of business leaders to balance tradition with transformation. “As custodians of India’s economy, family businesses must continue to inspire and lead, embodying resilience, innovation, and community building,” he said.

The event celebrated outstanding contributions by family businesses to India’s economy and society. Dr. Singh congratulated the winners and encouraged all participants to continue fostering entrepreneurship, creating jobs, and driving regional and national development.

The Moneycontrol Family Business Awards recognize and celebrate the achievements of family enterprises that have demonstrated excellence in business operations while upholding values and traditions. These awards aim to encourage innovation and collaboration in India’s business ecosystem.