India, April 2 -- Let me start with a plain statement that family businesses have and will be the backbone of the Indian economy, contributing significantly to GDP, employment and wealth creation. When we speak of a family business, the general notion of mom-and-pop shops that emerge at the corner of our house street could be tea vendors, grocery shops, boutiques, local cuisine restaurants, etc.

But, family businesses have ranged from as rightly thought small mom-and-pop shops to small enterprises to industry giants like Tata, Reliance, Bajaj, Godrej, Wipro, Infosys, etc, driving economic resilience and innovation. Over the decades, Indian family businesses have evolved, adapting to market liberalization, globalization, and digital trans...