Family-Owned Enterprises Constitute the Backbone of India’s Economy, Contributing Over 70% of GDP: Great Lakes Report
Chennai, October 9, 2025 – A new report by Great Lakes Institute of Management, Chennai, titled “Building Entrepreneurial Legacies: Understanding the Role of Family Offices”, reveals that family-owned businesses drive nearly 70% of India’s GDP and account for over 60% of national employment, highlighting their critical role in the country’s economy. The report was released at the Family Business Conclave 2025, jointly hosted by Great Lakes and the Madras Management Association (MMA). The event centered on the theme: “Creating Entrepreneurial Families – The Role of Family Offices.” Youtube Video link 👇 Authored by Dr Raj Krishnan Shankar, Professor of Strategy & Entrepreneurship at Great Lakes, the study underscores how family offices are becoming essential for governance, legacy planning, and nurturing intergenerational entrepreneurship. As India’s private wealth grows, family offices are evolving into strategic hubs that blend tradition with modernity. Key findings fro...