- 16 Jan 2024
7 Ways Indian Philanthropy Changed in 2023 and Who Was India's Top Donor?
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Embarking on a philanthropic journey is like unleashing a powerhouse of positivity. In the ever-evolving landscape of Indian philanthropy, 2023 was no less than a spectacle.
Emerging Trends Of Philanthropy In India
Join us as we dive into the heart of generosity, uncover exciting trends, and find out how India’s top donor spends all his donations for a better India.
1) Indian philanthropy is now a catalyst for development.
Philanthropy has become the bridge-builder that connects diverse stakeholders in the pursuit of inclusive and sustainable development. It's not just about giving money; it's about connecting different groups like the government, businesses, non-profits, and individuals for a collective impact. This holistic approach fosters collaboration, ensuring that no one is left behind in the journey towards progress.
2) The landscape of family philanthropy is evolving.
Families in India are changing how they help others. We've got the new-gen givers, who are people with new wealth, and the inter-gen givers, people who've been doing good for ages! These dynamic individuals, whether professionals with first-generation wealth or traditional family philanthropists are reshaping giving by focusing on underrepresented causes. Over 90% of them are supporting emerging issues like climate change, gender equality, diversity, and inclusion, injecting fresh perspectives into the philanthropic space.
3) Retail giving is reaching new heights.
Guess what's going up faster than a rocket? Retail giving! That's when generous individuals like you chip in to help a bigger cause. In 2022, we gave a whopping ₹32,700 crore to support our communities. Thanks to the surge in digital ways of giving and a sense of community support that reflected a shift towards empowering individuals to make a difference.
4) Changemakers are focusing on GEDI initiatives.
Both Inter-Gen and Now-Gen philanthropists aspire to deepen the impact for the most vulnerable through Gender Equality, Diversity, and Inclusion (GEDI) initiatives. Applying a GEDI lens addresses complex challenges such as discrimination and gender bias, aiming for more effective solutions. Education for the unfortunate emerged as the most favored cause for donation, with 62 philanthropists cumulatively donating ₹1,547 crore towards impacting the Indian education sector.
5) Eco-warriors are now on the rise.
Did you know that 15% of us are already on the way to saving the planet? There is now more awareness about climate change, and youth are becoming more conscious and smarter about the choices they make and how they impact their surroundings. We're not just talking about saving the planet; we're doing it by managing waste, treating water right, and keeping nature safe. Now, that’s good news!
6) Collaboration is proving to be the key to growth.
Guess what makes our philanthropic profile stronger? Teamwork! The good news is that 70% of philanthropists are open to providing unrestricted funding, trusting organizations with flexibility in fund utilization. A collaborative approach is evident, with businesses expressing a desire to partner with other government organizations, and nonprofits for impactful initiatives, leading to a much bigger impact than before.
7) But here’s a catch. This is still not enough!
India is like a big heart that's growing even bigger! The private sector is lacking in the philanthropic sector, with the public sector accounting for 95% of total spending on the social sector. This calls for increased individual and corporate contributions to bridge the gap and propel India towards a more sustainable and equitable future. So, we still have a long way to go! Now, talking about big donations and making a nationwide impact:
Who is Shiv Nadar, India’s Top Donor of 2023
For the second year in a row, the founder and chairman of HCL Technologies, Shiv Nadar, has been the most generous person in 2023. This 78-year-old philanthropist has clinched the top spot on the charts for the third time in five years, making annual donations worth an incredible ₹2,042 crore, which accounts for almost ₹5.6 crore every day of the year! That's a jaw-dropping 76% increase from his rankings in 2022. Yes, you read that right. Shiv Nadar isn't just a tech genius; he's also a philanthropic superhero!
So, what's Shiv Nadar been spending his money on? Well, he's the arts and culture maestro who is an advocate of educational empowerment for underserved children. He channels his support behind VidyaGyan, Shiv Nadar University, Shiv Nadar School, Shiksha Initiative, and the Kiran Nadar Museum of Art, transforming the education sector in India. His Shiksha initiative has to date established 266 schools across India and is giving hundreds of underserved children an opportunity at a better future.
With Shiv Nadar, Azim Premji, and Mukesh Ambani in the top 3, 119 Indian billionaires have given over ₹5 cr in FY 2023, which is 59% more generous than FY 2022. So, there you have it! Indian giving in 2023 was a rollercoaster ride but a worthwhile one. While the numbers sound big, it is always the little contributions that make up for them. Whether it's an individual donation or a CSR contribution, everything counts. India is still miles away from its best, and if this is merely a percent of our potential, you can imagine the impact of all our potential combined.
You might or might not have been a part of the philanthropy wagon in 2023, but here’s your chance to make 2024 the year you become that generous one who changes lives, one donation at a time.
Exclusively written for Giving for Good Foundation by Bhairavi Hiremath
Sources:
https://hurunindia.com/blog/edelgive-hurun-india-philanthropy-list-2023/
Bhairavi Hiremath
With words as her medium and a diary full of scribbled ideas, she is usually found looking for ways to use her writing to impact for Good. If she’s out of sight, she’s probably either reading, petting cats, jamming to retro Bollywood, or of course, writing!
