CREATION AND MANAGEMENT OF "FAMILY BUSINESS" IN THE EMERGING INDIAN ECONOMY: RETROSPECT AND PROSPECTS

Historically, businesses and enterprises evolved as family owned/promoted activity. In 21(st) century, family businesses operate in SME sector as well as in corporate sector. They have different evolutionary pattern and background in different economies. Their role and performance in today's emerging economies is a subject of great interest and importance. This article gives historical perspective and recent upsurge of India's family businesses. It provides a few pointers as to creation and management of these family businesses and their contribution to the growth and development of the emerging Indian economy. Today, family businesses under private sector are no more subordinate to Public sector enterprises. Under several leading mega projects, family led businesses are invited as partners to public sector enterprises. Future holds huge prospects for India's family owned SMEs and family attached corporate businesses. Much depends, however, on the creation of innovative entrepreneurship and professional management style. Government as policy maker and growth agent will be the key determinant for sustaining India's family businesses in the dynamic and competitive global business environment.