Changing Landscape of Indian Family Businesses
By Kavil Ramachandran, Sougata Ray, Yashodhara Basuthakur
Edward Elgar Publishing Ltd | September 2020
DOI
www.elgaronline.com/view/edcoll/9781788974066/9781788974066.xml
Citation
Ramachandran, Kavil., Ray, Sougata., Basuthakur, Yashodhara. (2019). Changing Landscape of Indian Family Businesses Edward Elgar Publishing Ltd www.elgaronline.com/view/edcoll/9781788974066/9781788974066.xml.
Copyright
Edward Elgar Publishing Ltd, 2019
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Abstract
Family business in India has a rich history and heritage spanning multiple centuries. Though collectively family businesses have been progressively expanding their dominance over the Indian economy, individually family businesses have significantly varied experiences and fortunes. Some family businesses have retained their prominence and leadership across generations, a few have faded into oblivion and still others have emerged as new-generation family businesses. In this chapter the authors provide a brief historical account of the family businesses in India and trace the evolution of the leading family enterprises across different eras. They look back to look ahead in identifying some of the factors that explain the resilience of thriving multi-generational family businesses and the emergence of new-generation family businesses as well as the reasons for the decline of some of the erstwhile successful family ventures. The authors identify several challenges facing family businesses in India and present a set of normative guidelines for their sustainable future.

Sougata Ray is a Professor of Strategy and Entrepreneurship (Practice), Thomas Schmidheiny Chair Professor, and Executive Director of the Thomas Schmidheiny Centre for Family Enterprise, at the Indian School of Business (ISB). Earlier, he served at the Indian Institute of Management Calcutta for over two decades as a Professor of Strategic Management, a member of the Board of Governors, and Dean. He was also a senior-level executive at Infosys Technologies Limited for two years in a strategic role as Head of innovation Lab. He is an alumnus of Indian Institute of Management, Ahmedabad and the Indian Institute of Engineering, Science and Technology, Shibpur.

Professor Ray’s research interests have evolved over the years in understanding various facets of strategic management, entrepreneurship, innovation and the governance of firms and business groups in high-growth economies. Given the ubiquity of family firms in India and observing how family owners and leaders play a pivotal role in shaping the future of enterprises, he was gradually drawn into family business research. In recent years, under the aegis of the Thomas Schmidheiny Centre for Family Enterprise, he has been spearheading a mega programme towards developing a solid research-based understanding of family firms and business groups in India and South Asia. He has also been leading a research programme in the areas of social entrepreneurship, corporate sustainability strategy and practices, bottom-of-the-pyramid initiatives, and involvement of corporations in inclusive and sustainable development.

Professor Ray is one of the most prolific and cited home-grown strategy scholars in India. He has been publishing regularly in reputed scholarly journals and presenting in leading peer-reviewed international conferences. He has received over half a million dollars in research grants, several prestigious research and teaching awards, and numerous award nominations.

He blends over three decades of experiences in diverse roles – as an international-quality academic, research, and institution builder, alongside  hands-on corporate managerial and governance roles as an executive, member of the Board of Directors, and co-founder of startups.. He has been an advisor to numerous medium and large corporations, family businesses, and startups, and he has served as Principal Consultant to leading international development agencies. He currently sits on the governing and advisory boards of several listed and unlisted companies, startups, and social enterprises.

Professor Ray has taught in numerous executive education programmes and has designed and conducted many workshops exclusively for owner-managers, entrepreneurs, and C-level executives of companies in India, Asia, Middle East, Nordic and Scandinavian countries. Over the years, he has led over thirty C- level executive delegations to countries on every continent for high-level meetings with the ministers, high-ranking officials, multilateral agencies such as the WTO and ILO, Chambers of Commerce, MNCs, industrial organisations, research labs, and academic institutions.

Sougata Ray
Sougata Ray