How India Inc 2.0 can transform familial privilege into impactful leadership

This article was first published in the Economic Times on April 13, 2025. Co-author: Kavil Ramachandran; https://economictimes.indiatimes.com/news/company/corporate-trends/how-india-inc-2-0-can-transform-familial-privilege-into-impactful-leadership/articleshow/120237165.cms?from=mdr

From a distance, the heirs of India’s eminent family-run conglomerates seem favoured by destiny. With access to elite global education, rigorous mentorship, and unparalleled resources, they appear poised effortlessly for leadership. But beneath the apparent privilege is a daunting reality. The successors of family dynasties like Reliance, Godrej, Adani, Birla, Tata, and Bajaj face formidable challenges—legacy burdens, intense public scrutiny, the delicate task of honouring tradition while innovating for the future, and the challenge of finding one’s own voice in a business built by towering patriarchs. 

The weight of Legacy

Inheriting a family business is a paradox: simultaneously a blessing and an overwhelming responsibility. The second or third generation inherits more than businesses—they inherit legacy. Mukesh Ambani's children—Akash, Isha, and Anant—bear not only the weight of managing Jio, Reliance Retail, and new energy ventures but must also live up to the legend of a father who turned Reliance into a $250-billion empire. Similarly, Nyrika Holkar, part of the fourth generation at Godrej, has stepped into a business synonymous with Indian identity—from locks and soaps to real estate and agrochemicals and beyond. 

The problem with legacy is that it sets an invisible benchmark. “Can they ever be as visionary as their predecessors?” is an unspoken question they constantly confront. Even when these inheritors are Ivy League-educated, McKinsey-trained, or battle-tested within their firms, their every move is compared to the founders. The daunting challenge of being in the ‘founder's shadow’—the psychological weight of comparisons that threaten autonomy and individuality in leadership roles, is real! It’s a double-edged sword: the legacy opens doors, but it also limits room for error. 

Balancing Tradition with Transformation

A prominent challenge facing these heirs is navigating between respecting inherited traditions and meeting contemporary demands. Traditional Indian family businesses emerged in regulatory environments defined by protectionism, limited competition, and incremental change. Today's successors must manage rapid digitisation, sustainability imperatives, and stakeholder capitalism, often within organisational cultures that remain anchored in hierarchical, conservative decision-making.

While Sanjiv Bajaj, now Chairman and MD of Bajaj Finserv, has been widely credited for pioneering financial innovations and building a fintech powerhouse, he did so while carefully navigating the strong legacy of Rahul Bajaj’s manufacturing-centric vision. The message to other next-gen leaders is clear: real success lies in transforming without erasing. 

Structured Grooming: Beyond Formal Education

To their credit, most of India’s business families have become much more structured about grooming their heirs. Business education is no longer left to osmosis. Formal mentoring, shadowing senior executives, and rotations across group companies are standard. Many also bring in external CEOs to create professional buffers. For instance, Aditya Birla Group’s Kumar Mangalam Birla gave his children an extended runway, encouraging internships and hands-on training across businesses, including time spent in overseas ventures. Gautam Adani, chairman of the Adani Group, has articulated a clear succession plan, aiming to transition control to the next generation by the early 2030s. 

These measures provide not just technical acumen but also crucial credibility with professional managers. Yet, structured mentorship is not a panacea. The successors must still confront the psychological isolation of leadership, what is often described as the “loneliness of command.” Peer relationships can often become transactional, while relentless media scrutiny denies privacy, significantly affecting emotional resilience and personal identity development.

Family Dynamics: Navigating Collaboration and Conflict

Effective succession in large business families hinges on alignment more than mere capability. Divergent visions between generations can become severe impediments. The recent Godrej family restructuring, where brothers Adi and Nadir Godrej amicably split consumer and real estate arms, is a rare example of smooth succession planning. Conversely, disputes within many Indian family groups escalate publicly, harming reputational capital and performance.

Mitigating family conflict necessitates clear governance structures. Research consistently highlights that robust family constitutions, shareholder agreements, and professional advisory boards can depersonalise family decision-making and facilitate constructive dialogue. Yet, siblings in large family business groups must still demonstrate their ability to effectively manage interpersonal conflicts, notwithstanding the presence of established family governance structures.

Moving from Entitlement to Meritocracy

The shift towards merit-based succession has significantly reshaped India's family businesses, underscoring the need for next-generation leaders to earn their place through tangible achievements rather than relying solely on lineage. Rahul Bajaj famously remarked, "Get me someone who is more capable to run Bajaj Auto than Rajiv," demonstrating his openness to professional capability over familial entitlement. This emphasis on meritocracy proved prescient, as Rajiv and Sanjiv Bajaj subsequently steered Bajaj Auto and Bajaj Finserv to new heights, innovating across automotive and financial services sectors.

Such a meritocratic approach can be further strengthened by instituting advisory councils comprising independent experts, providing objective guidance to ensure strategic decisions are made transparently and competently. Moreover, embracing a pluralistic approach to leadership allows next-generation members the flexibility to find roles aligned with their unique capabilities and passions, fostering an environment where meritocracy genuinely thrives.

The Road Ahead: Redefining Legacy Leadership

India stands at an inflection point, witnessing generational transitions not just politically and culturally, but significantly within its economic landscape. The future of India’s largest family-run conglomerates rests on the ability of their next-generation leaders to transform legacy leadership from a mere entitlement into a purposeful commitment, defined by humility, cohesion, and holistic vision.

Ratan Tata's ascension as Chairman of the Tata Group in 1991 vividly illustrates this journey. Stepping into the colossal shoes of the legendary J.R.D. Tata, Ratan initially faced considerable scepticism. Yet, he went on to not merely sustain but substantially expand the Tata legacy. More importantly, he established himself as a globally respected leader and an icon, demonstrating that inheritors can indeed honour their predecessors while courageously forging their unique path.

Today's successors in iconic Indian business houses are similarly positioned. Their true challenge lies not simply in protecting or expanding business empires but in upholding foundational values, fostering organisational cohesion, and breaking down silos to embrace integrated thinking. In doing so, these inheritors will not merely replicate past successes—they will meaningfully shape India's trajectory, creating legacies defined by integrity, innovation, and a profound commitment to the greater good. 

They have the opportunity to transform familial privilege into impactful leadership. Hopefully, they won’t just wear the crown—they’ll redefine it.

Why corporate gains alone aren’t enough for true gender equality

This article was first published in the Financial Express on April 10, 2025; https://www.financialexpress.com/business/industry-why-corporate-gains-alone-arent-enough-for-true-gender-equality-3804891/

Corporate India is making significant strides—women directors have risen from 5% in 2014 to 20% in 2025, and the Female Labor Force Participation Rate surged from 23.3% in 2017–18 to 41.7% in 2023–24 (Press Information Bureau, Government of India, 2023). Despite these promising advances driven by proactive government and institutional initiatives, true gender equality remains an unfulfilled promise. Without a shared commitment from both men and women to challenge traditional norms, progress in the workplace risks remaining isolated from broader societal change. This dual reality sets the stage for our exploration of a Tale of Two Spheres—where impressive professional breakthroughs coexist with enduring traditional expectations at home.

A Tale of Two Spheres

Professionally, women have made remarkable advances globally, including in India. Even as workplaces evolve, the domestic sphere continues to demand an unacknowledged “mental load”—the invisible cognitive labor of managing household tasks, scheduling, caregiving, ritualistic religious demands, and keeping track of endless family needs, forcing many women into a relentless cycle of planning and multitasking that is rarely recognized. This imbalance forces capable women into making excruciating choices: pursue professional advancement while juggling disproportionate domestic duties, or retreat from the workforce entirely.

Even when they remain in the workforce, the persistent gender pay gap ensures that their contributions are systematically undervalued. This reality not only stifles individual potential but also curtails broader societal progress (World Bank, 2021; International Labour Organization, 2020).

Entrenched Patriarchy

Patriarchy—a social system where men wield more power than women based on the belief in male superiority, a notion that has seeped into the mindset of both genders.

It is said that good cinema often mirrors the society. Let us consider the 2020 short film Ghar ki Murgi, featuring Sakshi Tanwar, which delivers a potent commentary on domestic realities. In the film, a housewife longs for a moment of respite—a simple, human desire to reclaim personal time. Yet when she contemplates taking a break, her family immediately calculates the financial cost of her absence, reducing her vital contributions to mere numbers. Ultimately, she decides against taking the break, reasoning that she cannot leave her family because vacations are meant to be shared—a decision that underscores her deeply internalized belief that women are not entitled to self-care or personal fulfillment.

Similarly, the OTT-Zee5 film Mrs., a 2024 Hindi-language drama starring Sanya Malhotra, portrays unyielding domestic expectations. The film shows a world where the men are entitled and even the other women, steeped in patriarchal norms, fail to imagine a life beyond traditional roles like cooking and housekeeping.

But what is bothersome are the discussions that erupted on social media and WhatsApp groups following the release of Mrs. Many men questioned why women should be lauded for performing household chores, dismissing tasks like running a washing machine or making rotis as trivial—completely missing the underlying point. At the same time, some women were quick to blame themselves for not raising their children to break this cycle, worrying that such discussions might upset the equilibrium of society. This duality—of external dismissal and internalized self-blame—lays bare the pervasive influence of patriarchy, one that not only restricts women's roles but also perpetuates the very beliefs that keep them confined.

A Collective Call for Change

While economic shifts have boosted women’s participation in formal employment, many men remain insulated by traditional roles. This selective inattention perpetuates a domestic environment where change is painfully slow. Genuine progress, therefore, cannot rest on women alone; it demands a collective, inclusive effort.

True gender equality is not a zero-sum game. It is not about elevating one gender at the expense of the other but about creating a society where every individual—regardless of gender—is empowered to realize their full potential. This vision requires a fundamental rebalancing of responsibilities in both public and private spheres. It is about recognizing every contribution, whether paid or unpaid.

For equality to be truly realized, the progress seen in boardrooms must be mirrored at home. Every breakthrough in the public domain must be accompanied by a corresponding shift in domestic life—a transformation that requires the active participation of both men and women.

In the Final Reckoning

As we stand at the crossroads of progress and possibility, let our rallying cry echo from boardrooms to living rooms. Let this be our clarion call—a future where every daughter, every son, every partner, and every individual can dream freely, work equitably, and live without the weight of outdated norms. When the scales of responsibility and recognition are finally balanced, true freedom and human dignity will flourish. In dismantling these age-old shackles together, we do not simply liberate one gender—we set humanity free.