New report shows India's ultra-wealthy poised to triple philanthropic contributions to Rs 75,500 cr annually

The report, which revealed the information, is titled  “Wealth with Purpose: A Report on Private Indian Philanthropy”.

The study engaged over 100 UHNIs from wealth segments ranging from Rs 200 crore to Rs 2000 plus crore, underscoring a transformative shift in Indian philanthropy, driven by a desire for strategic and sustainable impact,  reported ANI.

The study showed 90 percent of the  surveyed UHNIs are eager to increase their  philanthropic efforts.

If UHNIs allocate just 5 per cent of their incremental wealth, their annual contributions could surge to Rs 75,000+ crore–an over three-fold increase compared to current levels, ANI reported.

Ashish Dhawan, Founder-CEO, The Convergence Foundation and AIP Core Founder, said, “Personal wealth accumulation in India is surpassing global averages and there is an opportunity for philanthropy to play a much bigger role but currently it lags behind global giving averages.”

He added, “Philanthropy can play a catalytic role in driving India’s economic and social transformation, and our vision, through AIP, is to collectively accelerate philanthropy towards that end. We advocate for philanthropy to create systemic impact by way of addressing the country’s growth and developmental challenges at a population-level and in a sustainable manner.”

Neeraj Aggarwal, Chair, Asia-Pacific, Boston Consulting Group, was quoted as saying by ANI, “This report highlights a crucial positive trend in India -the rise of a robust philanthropic culture. Realizing the dream of ‘Viksit Bharat’ requires collective commitment. We now have an evolved set of philanthropists who are not only giving but also getting involved with their time and ties, engaging in bold experimentation, and tackling large-scale issues.”