CII Jharkhand organizes session on ‘Empowering Family Businesses’
Jamshedpur, Nov 14: Confederation of Indian Industry (CII) Jharkhand organized Session on Empowering Family Businesses, focusing on the theme of “Strategies for Resilience, Growth, and Sustainable Success.”
The event gathered around 47 participants, including CEOs and managing directors of family-owned businesses, to discuss the evolving challenges and opportunities for family enterprises in today’s rapidly changing business landscape. Eminent leaders from Jharkhand’s business community shared insights on the importance of innovation, professionalism, and generational adaptability in shaping the future of family businesses.
Ranjot Singh, Chairman of CII Jharkhand State Council and Managing Director of Emdet Jamshedpur Pvt Ltd, lauded the efforts of CII’s Family Business Network for their commitment to building sustainable business models. Singh highlighted the vital role family businesses play in the Indian economy, contributing between 60-70% of the nation’s GDP. However, he acknowledged the unique management challenges they face, especially as new generations join and differing family aspirations come into play. “Family businesses are crucial to India’s economy,” Singh stated, encouraging Jharkhand’s family-owned enterprises to build a robust foundation for long-term success.
Other industry experts at the session underscored the need for family businesses to incorporate updated skills and adapt to global trends. Killol Kamani, past Chairman of CII Jharkhand and Managing Director of Sparx Technologies Pvt Ltd, discussed the delicate balance between family relationships and business needs. Kamani highlighted that generational expectations often surface as potential conflicts, emphasizing the importance of giving younger family members the space to introduce new technologies and ideas. He also urged family businesses to prioritize professionalism by adopting modern skill sets and evolving business practices.
Krishna Kharia, Convenor of CII Jharkhand Family Business Panel and Director of Multitech Components Pvt Ltd, reflected on the global dominance of family-owned businesses and their deep-rooted values. “Only 30% of family-owned businesses survive into the second generation, and only a few of those make it to the third generation, often due to familial conflicts and a lack of adaptability,” Kharia noted. He highlighted that strong family values play a crucial role in establishing a clear identity, influencing decision-making, and maintaining productivity within family enterprises.
Koushik Modi, Co-Chair of Yi Jamshedpur Chapter and Managing Director of Modi Homez Pvt Ltd, spoke about India’s significant role in Asia’s family business landscape, where resilience and intergenerational commitment remain key. Modi praised family businesses for their ability to outperform public and multinational corporations, acknowledging their adaptability and community-centered values. He expressed confidence in the session’s potential to drive innovation and sustainable growth for Jharkhand’s family businesses.
