India Philanthropy Report 2023

March 5, 2023

The India Philanthropy Report 2023 was released by non-profit Dasra and consulting firm Bain & Company. According to this report, the contributions by ultra-high net worth individuals (UHNIs) in India to the social sector have declined by 5% in the financial year ending March 2022, when the donations made by Wipro founder chairman Azim Premji are excluded.

What does the India Philanthropy Report say?

The report revealed that UHNIs’ donations decreased to INR 3,843 crore in FY22 from INR 4,041 crore in FY21. In contrast, corporate social responsibility spending increased by 5%, amounting to INR 27,000 crore in 2021-22. Overall, India’s total social sector expenditure has been seeing a 15% annual growth over the last 5 years. Most of this spending was from the government’s side. The report highlights the need for private philanthropy to play a larger role in meeting the United Nations’ Sustainable Development Goals (SDGs) by 2030.

Inference

The philanthropy of India has increased since 2017. Family philanthropy and Corporate Social Responsibility contributed to 86% of the private philanthropy of the country. Private philanthropy has a good scope of building bridges between civil society, foundations, businesses, government, and communities.

The Ultra High Net Worth Individuals (UHNI) in India are donating less as compared to those in the UK, US, and China. UHNI are those people whose assets are worth at least 30 million USD.

Recommendations made

India needs to strengthen its philanthropy infrastructure. Also, philanthropy in India should be injected into digital platforms as well. The philanthropy contributions shall be extended to other sectors as well (apart from health and education).

What did the report say about Now-Gen giving and Inter-Gen philanthropy?

The Now-Generation giving has professionals and first-generation entrepreneurs. On the other hand, the inter-generational givers are the traditional family philanthropists. Together, they are reshaping the “giving culture” in India. Both are focusing on historically preferred sectors such as health care and education. 30% of them are giving to climate actions.

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