Family Business Is The Oldest Surviving Economic System
New Delhi (PIB-GR-TYP-BIN): The President of India, Mr. Pranab Mukherjee received the first copy of a book ‘Indian Family Business Mantras’ at Rashtrapati Bhavan on October 28, from Mr. M. Venkaiah Naidu, Union Minister of Urban Development, Housing and Urban Poverty Alleviation and Parliamentary Affairs who formally released it. The book is co-authored by Mr. Peter Leach and Mr. Tatwamasi Dixit.
Speaking on the occasion, the President congratulated the authors – Mr. Peter Leach and Mr. Tatwamasi Dixit for their book “Indian Family Business Mantras” and appreciated their sincere attempt to educate and empower the community at large on how Indian family businesses function.
He said that family and business have been interconnected since time immemorial. While family is one of the oldest surviving social systems, family business is the oldest surviving economic system. Business history is witness to the fact that most countries have family businesses playing significant roles in the development of the economies in their respective countries. Even today family business contributes to 60-70 per cent of the GDP of our country and 40-50 per cent of the employment.
The President said in the book ‘Indian Family Business Mantras’ the authors have explicitly detailed the nuances in the life cycle of a family business. The real life examples given in the book, offers meaningful insights into business families on managing themselves effectively, dealing with conflicts and challenges as a family and the strategic value of staying together as a member of the business family. It weaves the Indian philosophy with the western context to bring out a whole new dimension to managing the family business.