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A frequently repeated accusation in the media is that India’s richest people are not generous enough to donate their wealth, and a deeper dive into that number reveals that, although it has increased over the past few years, other major nations have It has been shown that it does not.
According to India Philanthropy Report 2022, philanthropic activities account for only 0.1-0.15% of the total wealth of India’s ultra-high net worth individuals.
This figure is relatively lower than the US, UK, and China, where the minimum share is at least 0.5%.
But another set of data on philanthropy predicts a more positive outlook.
According to the latest ‘EdelGive Hurun India Philanthropy List’, donations exceeding INR 100 crore have increased from just 2 in 2017 to 15 in 2022.
The number of Indians who donated more than 500 crore rupees has increased from 5 in 2017 to 20 this year. This year again he has 19 people added to the list and the total donation he has exceeded 800 crore.
Anas Rahman Junaid, M.D., Ph.D. and Chief Scientist at Hurun India believes that number could double in the next five years “if billionaires continue their philanthropic activities.”
Philanthropy in India is fueled by family-led philanthropy. This year’s list shows that seven of his top 10 donors are from families who are wealthier than individuals.
“As wealth grows, family philanthropy becomes more visible, gradually moving away from random acts of providing food, clothing and scholarships to newly marginalized communities,” Junaid said. says.
GivingPi co-founder Jyothirumoy Chatterji suggests that wealthy families can create social impact, stating, “Family philanthropy is highly catalytic and can complement CSR donations.” We can because we can take greater risks and provide long-term, unlimited funding beyond education and health care to support the cause of the financial shortfall, our communities and our communities.”
Indian CSR or Corporate Social Responsibility Regulations – Companies with a minimum net worth of Rs. I have. Profits for social causes over the past three years have been another catalyst for philanthropy, especially for large corporations.
The CSR spending of the top 200 companies on the Bombay Stock Exchange has grown at a CAGR of 15% over the past six years.
This year, multinational conglomerate Vedanta was the top company to spend more than the stipulated 2% CSR limit (Rs. 3.8 crore) by a difference of Rs. 1 crore.
“We believe CSR will play a key role for India to achieve its Sustainable Development Goals (SDG) by 2030 and net zero emissions by 2070,” said Junaid of Hurun India. He added that environmental and sustainability donations increased by 46%. last year.
Nonetheless, we cannot ignore the huge ‘giving-up gap’ in India, which refers to the difference between personal wealth and the proportion that is returned to society. As I said earlier in the article, this gap is huge, but there is a lot more room for philanthropy in India.
One statistic that hasn’t received much attention this year is the decline in overall donations. The top 10 donors on the list cumulatively in 2021-2022 he donated Rs 337.8 billion. This is down significantly from his Rs 1,278.5 crore last year. The 2021 rise is attributed to spending on various Covid-19 efforts.
According to media reports, there are 221 billionaires in India. “But less than half of the Indian billionaires are on the latest list,” Chatterji said.
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