1991 liberalisation a defining moment for family enterprises: Rajiv Memani, chairman, EY, India

India's family-owned businesses have emerged stronger since the country's 1991 economic liberalisation, defying predictions that they would struggle in a more competitive environment, said Rajiv Memani, chairman, EY (India region).

Speaking at The ET Family Business Awards, he said many had written off family-run enterprises when India opened its economy, arguing they had thrived only under a protected regime.

"Many people wrote about the death of family businesses in India," he said, noting that some of the country's most prominent business houses had even formed the Bombay Club to oppose aspects of liberalisation. "Those very businesses continue to be among the most successful companies we have in India today."


Drawing on EY's experience of working with Indian family businesses for more than a century, from the era of GD Birla to the current generation of entrepreneurs, he said 1991 marked the defining moment in their evolution.

He credited family businesses with adapting to changing times, embracing new opportunities and remaining anchored in strong values and culture.

Their contribution to India's economy, he added, ranks among the highest of any country, reflecting their resilience, long-term vision and ability to chart independent paths across generations.