The second version of the Moneycontrol’s Indian Family Business Awards, an initiative with Waterfield Advisors, was held at this time in Delhi. Union Minister of Commerce, Piyush Goyal, who graced the distinguished award ceremony, in his keynote tackle, highlighted India’s progress over the previous 9 years underneath the Narendra Modi-led authorities.

“The India story is completely different now from what the current government had inherited, which was large amounts of oil bond debt, high inflation and interest rates, low growth and faltering exports,” Goyal mentioned.

Goyal added that India is on a 30/30 journey, having fun with the fruits of the nation’s demographic dividend. “For next 30 years we will continue to be a large young population of people below 30,” famous the minister.

The grand awards ceremony, which introduced collectively a power-packed record of Indi’s illustrious leaders of family-owned companies, celebrated the persevering spirit of enterprises that are contributing considerably towards positioning the nation on the $5 trillion financial system map globally.

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The prestigious occasion introduced into the limelight the position of India’s main household companies which have been enjoying a key position in nation constructing and wealth creation. Aspiring household enterprise, unfold throughout 17 classes, had been lauded and acknowledged for his or her excellence.

Speaking at a panel dialogue hosted by Ashwin Mohan, Editor – Deals, Moneycontrol, themed on “Key Trends in Succession Planning and Family Offices”, Soumya Rajan, Founder and CEO, Waterfield Advisors Private Limited, mentioned, “The average investment of family businesses in private markets have risen from 1% in 2011 to around 12% now”. “India thrives on its family business. We believe that each family will steer India towards our dream of being a global superpower,” she added.

Rishabh Shroff, Managing Partner, Cyril Amarchand Mangaldas, famous than household enterprises in India at the moment are open to abroad investments. “Overseas investment is more than welcome by family businesses. Family Business are investing in Dubai, Singapore and GIFT City. Foreign countries prefer Indian investment rather than investment coming from China,” mentioned Shroff.

Puneet Dalmia, Managing Director of Dalmia Bharat Limited, noting on the wealthy tradition that household companies create throughout a panel dialogue, “Family businesses can create a culture. You have to treat family members like professionals and professionals like family members”.

Expressing his tackle his children becoming a member of the family-run enterprise sooner or later, he mentioned, “If my kids are passionate about going to the business they are more than welcome, but if they are not then I wish them the best to be successful”. Dalmia additionally lauded India’s position in selling and practising sustainable growth, “India is a champion of sustainability even before it became fashionable”.

Also, taking part within the IBFA panel dialogue was Roshni Nadar Malhotra, Chairperson, HCL Technologies Ltd. Nadar hailed household companies for creating long-lasting establishments. “If household companies create establishments that outlast the founders then household companies will all the time develop…If you need to construct establishments that outlast founders in revenue or non-profit, company governance cannot be ignored,” said the iconic businesswoman.

Here is the list of winners in IFBA 2022 event:

Super Category

The Most Innovative, Disruptive & Transformational business award went to TEGA INDUSTRIES LTD, while APCOTEX INDUSTRIES LTD bagged the Best Governance award.

The Best Business Led by a Woman (JURY SELECT) award in the category was won by Metro Brands, while Borosil Ltd won the Best Family Business award.

Mega Category

Century Plyboards (INDIA) Ltd was awarded for being the Most Innovative, Disruptive & Transformational family run-enterprise, while Route Mobile Ltd won for Best Governance. TVS SRICHAKRA Ltd bagged the Best Business Led by a Woman (JURY SELECT) award in the category, while Minda Corporation Ltd won in the Best Family Business slot.

GIGA Category

The Most Innovative, Disruptive & Transformational family run-enterprise award was bagged by Havells India Ltd. The Best Governance (JURY SELECT) award went to GMR AIRPORTS INFRASTRUCTURE LTD
Meanwhile, the Best Business Led by a Woman in the category was won by Thermax Ltd,  while Muthoot Finance Ltd bagged the Best Family Business award.

PHILANTROPHY

The Dholakia Foundation was awarded in the Philanthropic category.

JURY SPECIAL

The Most Enduring Business award went to Gujarat Tea Processors and Pakcers Ltd.

EDITORIAL SPECIAL 

Roshni Nadar Malhotra was awarded the Emerging Women Business Leader award. The Next-Gen Leader Award was offered to Sudarshan Venu, TVS Motor Company

LIFETIME ACHIEVEMENT

Dilip Shanghvi, Founder and Managing Director, Sun Pharmaceuticals Industries Ltd, who was honoured with the Lifetime Achievement Award, delivered an emotional acceptance speech on the occasion. Addressing the commerce minister as “Piyush Bhai”, the veteran industrialist mentioned that it’s a particular privilege to obtain the award from the minister. He additionally expressed his gratitude for the minister for his fixed steerage. During his speech, Shanghvi mentioned how Sun Pharma, which was began almost 4 many years again on a small scale, has advanced through the years, with anticipations of additional increasing its presence abroad.

ALSO READ: Dilip Shanghvi, Sun Pharmaceutical’s ray of excellence

Family companies in India have contributed to 70 perecent of the nation’s GDP and make use of almost 60 % of the overall workforce. Family-owned enterprises have performed a key position in shaping and reworking the Indian financial system and society for many years, evolving in kind and technique over time. These family-owned corporations strongly cushioned their companies from the pandemic-induced headwinds, delivering sturdy efficiency and development amid a weakening world financial state of affairs.

Incorporating fashionable enterprise practices, whereas retaining their conventional networks and deep-rooted group ties, household have turn out to be the bedrock of micro and macro monetary stability in India.