The Confederation of Indian Industry (CII) Jharkhand hosted an insightful session focused on empowering family businesses, addressing the theme “Strategies for Resilience, Growth, and Sustainable Success.” Bringing together prominent business leaders, the event explored how family enterprises can remain competitive in a rapidly evolving global market while preserving their legacy and core values.
The session highlighted the importance of adaptability, innovation, and strategic collaboration. Ranjot Singh, Chairman of CII Jharkhand State Council and Managing Director of Emdet Jamshedpur Pvt Ltd, emphasized family businesses’ crucial role in India’s economy, contributing 60-70% of the GDP. Acknowledging the unique challenges that arise as new generations join, Singh stressed the importance of building a strong foundation for long-term success. He praised the CII Family Business Network’s commitment to guiding family businesses in creating sustainable models that drive inclusive growth and global development.
Killol Kamani, Past Chairman of CII Jharkhand and Managing Director of Sparx Technologies Pvt Ltd, addressed both emotional and operational challenges within family enterprises. Kamani noted the delicate balance required to navigate generational expectations and maintain family harmony. He encouraged family businesses to embrace professionalism by integrating modern skill sets and evolving business practices, thereby empowering the next generation to introduce fresh perspectives and technologies.
Krishna Kharia, Convenor of the CII Jharkhand Family Business Panel and Director of Multitech Components Pvt Ltd, shared insights on the enduring impact of family businesses, noting that they account for approximately 79% of India’s GDP. Kharia highlighted a sobering statistic: only 30% of family businesses transition successfully to the second generation, with even fewer reaching the third. He attributed this trend to familial conflicts and a lack of adaptability, emphasizing that core family values help shape a strong identity and positively influence decision-making, productivity, and family dynamics.
Koushik Modi, Co-Chair of Yi Jamshedpur Chapter and Managing Director of Modi Homez Pvt Ltd, highlighted India’s leadership role in Asia’s family business landscape, noting the resilience, community values, and commitment that define these enterprises. Modi expressed confidence in the session’s potential to inspire sustainable growth and innovation, positioning family businesses as significant contributors to India’s evolving economy.
With around 47 participants, including CEOs and Managing Directors, the session underscored the importance of data-driven decision-making, new technologies, and professionalism in securing the future of family-owned enterprises. The event’s discussions emphasized the potential of family businesses to drive India’s growth trajectory while balancing tradition with transformation, setting the stage for intergenerational success and resilience.
