{"id":200547,"date":"2022-08-18T18:09:17","date_gmt":"2022-08-18T12:39:17","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=200547"},"modified":"2022-08-18T18:09:17","modified_gmt":"2022-08-18T12:39:17","slug":"indian-philanthropy-has-a-worthy-record-that-could-shine-brighter","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/indian-philanthropy-has-a-worthy-record-that-could-shine-brighter\/","title":{"rendered":"Indian philanthropy has a worthy record that could shine brighter"},"content":{"rendered":"\n

Source<\/strong>: The post is based on an article \u201cIndian philanthropy has a worthy record that could shine brighter\u201d<\/strong> published in the Live Mint<\/strong> on 18th<\/sup> August 2022<\/strong>.<\/p>\n

Syllabus:\u00a0 GS 4 <\/strong>Corporate Governance.<\/p>\n

Relevance<\/strong>: Ethics in Corporate Governance; Philanthropist<\/p>\n

News: Recently, <\/strong>the India Philanthropy Report 2022 was published by Bain and Company and Dasra.<\/p>\n

The Findings<\/strong><\/p>\n

According to the report, Indian family philanthropy<\/strong> is expected to grow at a robust 26% compound annual growth rate from 2021-22 to 2025-26.<\/p>\n

There is still substantial scope to unlock an additional corpus of \u20b960,000 crores to \u20b91 trillion.<\/p>\n

Family philanthropists are willing to contribute and increase their giving over time to social causes.<\/p>\n

A Brief History of Family Philanthropy in India<\/strong><\/h5>\n

India has had a rich culture of giving, primarily through social networks and religious institutions.<\/p>\n

Pre-1920 Phase<\/strong><\/p>\n

(1) The process of industrialization that began in the 19th century, led a number of families like the Tatas, Birlas, Hamieds, and Bajajs, to create a significant amount of wealth. These families have played an important role in India\u2019s advancement and philanthropic projects.<\/p>\n

(2) Sir Jamsetji Tata established the J.N. Tata Endowment Scheme <\/strong>in 1892, much before similar foundations were founded in the West. Tata pledged half his wealth to establish the Indian Institute of Science (IISC)<\/strong>, which was founded five years after his passing<\/p>\n

Post-1920 During Mahatma Gandhi’s leadership – The next major shift <\/strong><\/h5>\n

(1) Mahatma Gandhi inspired prominent industrialists that believed that ownership of wealth must be held primarily in trusteeship for the benefit of the poor. Therefore, industrialists like Jamnalal Bajaj, G.D. Birla, Ardeshir Godrej, and Dr. K.A. Hamied. Ardeshir Godrej contributed a sum of \u20b93 lakh to the Tilak Swaraj Fund established by Mahatma Gandhi in 1920.<\/p>\n

(2) In 1935, Dr. K.A. Hamied established Cipla to make India self-reliant in quality healthcare.<\/p>\n

(3) Family philanthropists also supported Mahatma Gandhi\u2019s other objectives, like non-violence and the promotion of khadi.<\/p>\n

(4) Philanthropic families helped found educational institutes, such as the Birla Institute of Technology in Pilani <\/strong>(G.D. Birla), the Indian Institute of Management (Kasturbhai Lalbhai), and the Tata Institute of Social Sciences (Sir Dorabji Tata).<\/p>\n

Post-Independence India<\/strong><\/h5>\n

(1) Many families have established foundations and trusts that work directly with non-profit organizations and local communities to address critical issues like healthcare, quality education, skill building, etc.<\/p>\n

(2) Business families upheld social responsibility as a core value long before corporate social responsibility (CSR) was a legal mandate. For example, Godrej\u2019s \u2018good and green\u2019 approach<\/strong> to building a more inclusive and greener India is one such.<\/p>\n

Post-1991 Era<\/strong><\/h5>\n

(1) New age role models<\/strong> such as Azim Premji, Shiv Nadar Rohini Nilekani, and various others who are setting an example for strategic family giving <\/strong>and inspiring others to follow suit.<\/p>\n

(2) At present, the family philanthropists are pooling resources for collaborative efforts. For example, Social Compact,<\/strong> a multi-stakeholder platform was founded with the support of philanthropists such as Rati and Farhad Forbes, Anu Aga, and Meher Pudumjee.<\/p>\n

Why does India need philanthropic contributions?<\/strong><\/h5>\n

The covid pandemic has shown various unmet needs<\/strong> and systemic inequalities<\/strong> in our society. For example, there was a migrant crisis; in which millions of daily-wage workers were forced to travel long distances with little to no sustenance and support. There is enormous potential for the family philanthropist to help address these issues.<\/p>\n

What should be done?<\/strong><\/h5>\n

The future of giving: <\/strong>They should come together as a community and collaborate for the purpose of strategic giving<\/strong> to the nation.<\/p>\n

Philanthropic families have an opportunity<\/strong> to shape the next 75 years of India<\/strong>. They should draw inspiration from their rich tradition<\/strong> of giving during India\u2019s formative years and help build an inclusive India<\/strong> where a billion thrive with dignity and equity.<\/p>\n","protected":false},"excerpt":{"rendered":"

Source: The post is based on an article \u201cIndian philanthropy has a worthy record that could shine brighter\u201d published in the Live Mint on 18th August 2022. Syllabus:\u00a0 GS 4 Corporate Governance. Relevance: Ethics in Corporate Governance; Philanthropist News: Recently, the India Philanthropy Report 2022 was published by Bain and Company and Dasra. The Findings… Continue reading Indian philanthropy has a worthy record that could shine brighter<\/span><\/a><\/p>\n","protected":false},"author":10343,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[446,10501],"class_list":["post-200547","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-gs-paper-4","tag-live-mint","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704856614},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/200547","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10343"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=200547"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/200547\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=200547"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=200547"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=200547"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}