With its economy on the rise, India is now, more than ever, a country with money to spend, and give. As shoppers flood markets looking for gifts, it's clear that many Indians are indeed spending big on friends and family. But research suggests that charitable giving is not necessarily keeping pace.
Donations by wealthy individuals has significantly increased private giving by at least 50 percent since 2006 as a percentage of GDP to approximately $5 billion to $6 billion in India in 2010, says a study.
"The future of giving is poised to rise further, as the rich population in India grows and as the philanthropic system becomes more advanced," the study, "India Philanthropy Report 2011," by Bain & Co. said. The report also finds that 40 percent of wealthy individuals in India plan to increase philanthropic donations over the next five years.
A huge charity gift by a high-tech tycoon has shone a harsh light on the philanthropic track record of India's established and emerging billionaires. Mr. Azim Premji announced earlier this month that he was giving US$2 billion (S$2.5 billion) to fund rural education.
In India, individuals and companies account for just 10 percent of charity funding, compared with 75 percent in the U.S.
The Malkani family made its fortune selling plane tickets and tour packages to India's fast-expanding middle class, building one of the country's first online travel agencies.
Now the Malkanis are among a growing number of successful Indian entrepreneurs blazing another trail: charitable giving.
As India's wealth continues to expand, a growing number of millionaires here are finding ways to do more for the poor, especially as cash-strapped foreign donors, including the United States, curtail aid.
MANILA and QUEZON CITY, Philippines, October 2 2009 — Children International, a U.S.-based humanitarian organization that helps more than 74,000 poor children in the Philippines, donates $2.1 million in relief to survivors of Typhoon Ketsana.
Los Angeles, CA, September 16, 2009 — As the film industry has the Oscars, television the Emmys and the music industry the Grammy Awards, the charity community and its most dedicated Hollywood supporters will gain global recognition with the staging of the inaugural Noble Humanitarian Awards, to take place at the Beverly Hilton Hotel on Sunday, October 18. The two-hour event, produced on behalf of the non-profit Celebrity Charity Awards Corporation, seeks to annually honor up to a dozen charities and celebrities who actively support them, elevating awareness of these organizations and the impact of their work.