Family businesses backbone of West Bengal’s industry and economy: Additional Chief Secretary, Govt of West Bengal

Aug 01, 2024

KOLKATA, 01 August 2024: Ms Roshni Sen, Chairman & Managing Director, WBIDC, Additional Chief Secretary, Government of West Bengal yesterday while addressing the ‘Family Business Summit- East, 2024’, organized by FICCI said that family businesses have been the backbone of West Bengal's industry and economy across various sectors. “Their deep-rooted commitment to community and cultural values, combined with their ability to adapt and innovate, underscores their enduring significance. Several family businesses spanning a wide range of sectors, have, for generations, reposed their faith in West Bengal and have contributed to its economic fabric,” she added.

 

Mr Harshavardhan Neotia, Past President, FICCI, Chairman, Ambuja Neotia Group, stated that passion and values are cornerstones to success of any family run business, and it is important that generations stay united in values.

 

Mr Rudra Chatterjee, Chairman, FICCI West Bengal State Council; Managing Director, Luxmi Group; and Chairman, Obeetee, said that several family-run businesses have not only stood the test of time but have also adapted and thrived in an ever-evolving economic environment. He also added that it is important for family run businesses to realise that prosperity of the family lies in the prosperity of the business.

 

Mr Ullas Kamath, Chairman, FICCI Karnataka State Council, Founder, UK&CO, and Chairman FICCI Karnataka State Council noted that family businesses are poised to play a crucial role in generating employment and fostering economic development. Of India's top 500 companies, 300 are family businesses. However, only 33% of the family organizations survive up to the second generation; 13% up to the third generation; and a miniscule 0.4% up to the fourth generation, he added.

 

The inaugural session was followed by a panel discussion by family-owned enterprises to deliberate on insights, strategies, shared their experiences on the unique challenges they face, such as succession planning, balancing tradition with modernity, attracting, retaining, and developing talent within the family and from outside.

 

Mr Kumar Vardhan Patodia, Director, Unimark Group; Mr Narrindra Surana, CMD, Ddev Plastiks Industries; Mr Vineet Agarwal, Vice Chairman & Managing Director, GNG Group; Ms Nita Bajoria, Creative Director, Kutchina; Mr Shourya Mandal, Co-Managing Partner, Fox Mandal; and Mr Harsh V Agarwal, Executive Director, Ori-Plast, shared their experiences and success stories

 

Mr Arun Kumar Jain, Senior Vice President & Head, SBI Capital Markets; Mr Naganand Doraswamy, Managing Partner and Founder, Ideaspring Capital; Mr Kartik Juneja, Executive Director, Axis Capital; and Mr Arnab Basu, Head Wholesale Solutions, Aditya Birla Finance, elucidated on raising capital with a focus on aspects such as innovative financing strategies, traditional & new financing models, raising money from private equity, investing in start-ups, etc.

 

The summit was supported by West Bengal Industrial Development Corporation (WBIDC) and SBI. UK & Co was the knowledge partner for the event.