Family Businesses in India | Group Business in India
Family owned and run businesses are the oldest and most prevalent form of business owners anywhere in the world. Family businesses form the backbone of any country’s capital and thrift. In India, keeping business ownership within a family is a deeply rooted practice for ages. India enjoys a rich and magnificent history of family-owned businesses . Initially, family businesses in India started in the form of trading and money lending concerning the hustle and bustle of the bazaar. It was also confined to certain communities, notably the Gujarati and Marwari, especially in western and northern India. Today, family business almost contributes around 80 per cent of the national GDP annually. According to various estimations, more than 80% of the companies in India are family-owned. Advantages of Family-Owned Businesses Family businesses are still thriving in today’s competitive thrift. The following are some of the advantages of a family-owned business : 1. Stability Family businesses i...