CURRENT AFFAIRS

Detailed explanation-1: -Family businesses in India account for a whopping 79 percent of the national GDP. With 111 publicly-traded family-run companies valued at USD 839 billion, India is home to the third-largest number of family businesses globally.

Detailed explanation-2: -New business is fueled by family involvement. 85 percent of start-ups worldwide are established with family money (FFI Global Data Points).

Detailed explanation-3: -The Family Business Index is based on a global ranking of 500 family-owned businesses according to their revenues. The criteria to enter the Index is as follows: The business should be in the second generation or more.