Mumbai, Feb 21 (PTI) Family businesses in India have been able to survive for centuries as succeeding generations have been given the freedom to create their own ideas, RP Sanjiv Goenka Group Vice-Chairman Shashwat Goenka said on Friday.

Speaking at a session 'The Next Generation-making businesses better" on the opening day of the two-day ABP Network's Ideas of India 2025 summit, Goenka also said along with work-life balance it is also important to understand that there are times when one needs to work more.

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"Whenever you look at family businesses and globally, there are case studies on this, they usually say the first generation starts to create, the second generation builds, and the third generation destroys. And I think the reason why we've been able to, and a lot of family businesses in India particularly, are able to do this (surviving business beyond the third generation) over centuries is because they give each generation the freedom to create along with growing what they have," Goenka said.

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At Ideas of India 2025 summit, Dr. Pratima Murthy, Director of NIMHANS, highlighted the urgent need for mental health awareness, stating, “One in ten people suffer from a diagnosable mental disorder.” She emphasized that mental and physical health often coexist, making early recognition crucial. Addressing research challenges, Dr. Shubha Tole, Neuroscientist and Professor at TIFR, stressed the importance of proper fund management, saying, “The challenge isn’t a lack of funds but proper management.” Dr. Jahnavi Phalkey, Founding Director of Science Gallery, echoed similar concerns, pointing out that “Our funding system is skewed and laced with bureaucratic hurdles.” The session, “The Frontiers of Science: Knowing the Unknown,” underscored the need for stronger collaboration between the government and scientific community to drive meaningful advancements.

The ABP Network's Ideas of India 2025, centred on the theme 'Humanity's Next Frontier' brings together a confluence of ideas by global thought leaders, intellectuals, and change-makers.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)