How family businesses in India can move past trust and succession challenges to pace ahead

This post was originally published on The Economic Times

Family offices (FO) in India are increasingly investing in startups, adopting new technologies and expanding their investment horizons beyond domestic markets, says PwC India’s latest report.

The report, “Creating Holistic Value for Family Businesses”, sheds light on how FOs have evolved from wealth preservation units to sophisticated entities driving impactful and responsible investing. However, challenges relating to building trust within family members, effective succession planning and talent acquisition remain impediments to growth.

Falguni Shah, Partner and Leader, Entrepreneurial and Private Business, PwC India, says family businesses form a significant subset of the economy due to their extensive presence across various sectors and their substantial contributions to the nation’s GDP. “They are pivotal in driving economic growth and generating employment particularly in sectors such as manufacturing, retail, real estate, healthcare and finance. By scaling up investments in startups, family offices are fostering a vibrant startup ecosystem in India. They are particularly focused on high-potential sectors like SaaS, artificial intelligence (AI), and machine

Read the rest of this post, which was originally published on The Economic Times.

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