From Sarah and Ajit Isaac of the Isaac Foundation and Riah and Rati Forbes of the Forbes Foundation to Jalaj and Vita of the Dani family of Asian Paints, Polyplex founder Sanjiv Saraf’s Rekhta Foundation and the Kamath brothers of Zerodha fame, family philanthropy has spread its wings into newer areas, from climate action to culture preservation. A Dasra-Bain India co-created India Philanthropy Report 2022 points out that family philanthropy is expected to grow at a compound annual rate of 12 percent to 14 percent from fiscal year 2021 to 2026. If India’s rich and super-rich families were to give as per global benchmarks, an additional ₹160,000 crore to ₹170,000 crore could be unlocked for social causes and can be a significant force to bridge India’s inequities, write Neera Nundy and Jyotirmoy Chatterji of Dasra, a catalyst for strategic philanthropy.
A recent report by the Centre for Social Impact and Philanthropy (CSIP) at Ashoka University points out that religious organisations were the most preferred recipients of household giving. That would be inevitable in a devout society that India is but, as Naandika Tripathi writes, such charity is often clouded in opacity and lack of transparency. For more on how religious philanthropy can help in societal improvement and change, ‘Giving on a Prayer’ is a must read.
The study also suggests that beggars are the second-most preferred recipient of household giving. Which brings us back to the charity vs philanthropy distinction. As Rati Forbes, head of the Forbes Foundation of the Forbes Marshall group, quotes eBay founder Pierre Omidyar to tell Benu Joshi Routh: “Charity is inherently not self-sustaining… philanthropy is a desire to improve the state of humanity and the world." For more on the Forbes Marshall way of giving, turn to ‘Deep Impact’.
But what if making the world a better place isn’t really your main driver for giving? No problem, if you are giving both time and money. As Luis Miranda and Nimisha Pathak of the Indian School of Public Policy write in ‘People Give For A Selfish Reason: To Feel Good’, “Let’s get comfortable with the fact that people give for a selfish reason… to get that warm glow… so go ahead and give. It will make you feel good."
Best,Brian CarvalhoEditor, Forbes IndiaEmail: Brian.Carvalho@nw18.comTwitter ID: @Brianc_Ed
First Published: Mar 01, 2023, 11:10
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