New Delhi, June 4 -- Every business family inherits two legacies: the enterprise itself and the assumptions that helped build it. For decades, their principal concern was continuity.

Today, the greater challenge is reinvention.

As technology, consumer behaviour and business models evolve furiously, family businesses must determine whether the assumptions that drove past success remain sufficient for future relevance.

India's family businesses contribute nearly 80% of GDP and have long been the backbone of Indian capitalism. From regional enterprises to large conglomerates, they have generated employment, built industrial capacity and created wealth. Their resilience has helped India navigate economic liberalization, technological disru...