The main reason to bring up such programmes are because India has a long standing tradition of Family run businesses. These courses encourages the development of managerial skills s well as promote and develop an entrepreneurial outlook in it students.
Though it is the result of family businesses, it looks more professional and further reflects the needs of the younger generations to be more educated.
A few of the Business schools have already adopted such programmes in their academics. Yes, ISB (Indian School of Business) is one among them. It has recently launched a fifteen month course titled Management Program for Family Business (MFAB).
A few other b schools are also set to adapt these programmes, where IMI, New Delhi (International Management Institute) will also be introducing its new course- Global PGDM (MBA): Family Business program which will run over duration of 18 months and launched in 2013.
A spokesperson from IMI says that "there is an acute need for Family owned business enterprises (FOBE's) to be managed professionally and competently. These courses will help them grow strategically and have an international perspective. As a part of the IMI course, the student will undertake a six month internship at his/her family business".
Basically, in India there are good number of family-run businesses, where 73% of them rank in the top 500. These courses will also push for family entreneurship.