Covid-19 pandemic: How do the family businesses in India cope with the crisis?

The Covid-19 pandemic brought about a major economic breakdown throughout the world due to the shutting down of businesses and organizations. Covid-19 took a toll on India also, the second-most populous country. In India, family-run businesses are the deep-rooted, oldest, and most widespread form of business ownership. Most family businesses, while keeping the welfare of their customers, employees, and communities in mind, have resorted to remote work and halting non-essential work. The government of India took measures mainly consisting of an increased moratorium period, corporate tax cuts, lower interest on delayed tax payments, extension in return filing deadline, and other policy decisions. This study discusses the impact of Covid-19 on family businesses and how family businesses cope with the shock to the system. In addition, it covers innovative and strategic solutions adopted by the family businesses as a shield to their business against the impact of the crisis and to grow progressively overcoming the pandemic situation.