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Bombay Club fears were misplaced; family biz raked it in after reforms

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Family-owned companies accounted for 72 per cent of the combined revenues of listed firms in FY26, up from 50 per cent in FY01

Manmohan Singh, as Union finance minister, in a meeting with representatives of trade unions in New Delhi on September 25, 1991

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Manmohan Singh, as Union finance minister, in a meeting with representatives of trade unions in New Delhi on September 25, 1991 | Photo: Government of India, GODL-India/Wikimedia Commons

Krishna Kant Mumbai

17 min read

Last Updated :

Aug 24 2026 | 11:42 PM

IST

On November 10, 1993, a group of eight industrialists met the then finance minister Manmohan Singh and handed over a note raising concerns over the adverse impact of the economic liberalisation of 1991 on their businesses.

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