The role of family businesses is indispensable in achieving India's vision of becoming a USD 5 trillion economy and a developed nation by 2047, Union Minister Jitendra Singh said on Tuesday. Family businesses are the backbone of India's economy, contributing more than 70 per cent to the GDP and employing a significant portion of the workforce, he said. "By 2047, this share is expected to rise to 80-85 per cent, highlighting their critical role in shaping the nation's future," the Union minister of state for personnel said. Addressing industry leaders at the Moneycontrol Family Business Awards - 2024, Singh "emphasised the indispensable role of family enterprises in achieving India's vision of becoming a USD 5 trillion economy and a developed nation by 2047, a mission spearheaded by Prime Minister Narendra Modi". The minister delved on schemes such as PM-Vishwakarma, which he said was best suited for corroborating the traditional family business in the nation, according to a ministr