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Wednesday, February 28, 2024

Philanthropy fell in FY22: Harun India & EdelGive

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Bengaluru: Contributions towards philanthropy have fallen in FY22 basically due to the huge base effect of Covid pandemic spending, but charitable giving still has been a silver lining, according to Hurun India and EdelGive.

However, if one takes into account the last five years of philanthropy, cumulative donations in the EdelGive Hurun India Philanthropy List grew two times.

Government, Civil Society, and the Corporate are the three distinct pillars sustaining the nation-building process, Harun India and EdelGive said.

Corporate Social Responsibility is moving away from cheque book charity donations to a more long-term strategic engagement, they said.

The cumulative CSR spend of BSE 200 companies has grown from Rs 5,561 crore FY15 to Rs 12,122 crore in FY22, they added.

“With total donations estimated at $102.4bn, Mumbai-based Jamsetji Tata (1839-1904), was the world’s biggest philanthropist of the last century in the 2021 EdelGive Hurun Philanthropists of the Century, a ranking of the world’s most generous individuals from the past century,” Harun India MD and Chief Researcher Anas Rahman Junaid said while releasing EdelGive Hurun India Philanthropy List 2022 on Thursday.

Over the last 5 years, the number of donors who have given more than Rs 100 crore have grown from 2 to 15, and over Rs 50 crore have grown from 5 to 20, he said.

Considering the wealth creation potential of India and assuming that the billionaires keep up with philanthropy, Junaid expected the numbers to at least double over the next 5 years.

Young entrepreneurs Nikhil and Nithin Kamath and Binny Bansal, who are as important as senior industry captains, increased their donations by more than 100 percent compared to last year. “Many such acts from founders of startups could kick the Indian philanthropy curve into a higher orbit,” he said.

Junaid said the cumulative personal donations grew by 50 percent to Rs 3,097 crore, which constitutes 55 percent of donation in the list, Junaid said adding that the list narrates modern India’s giving culture through the eyes of the philanthropists.

Junaid said sustainability as a cause has received accelerated attention last year. “For instance, donation towards Environment and Sustainability increased by 46 percent, to Rs 193 crore, compared to last year. I believe that CSR will play a key role in India meeting sustainable development goals (SDG) by 2030 and achieving net zero emissions by 2070,” he said.

As wealth grows, family philanthropy is becoming more visible and slowly shifting away from random acts of giving food, clothes and scholarships to new and marginalised areas, Junaid said.

“This further accentuates the need to celebrate such efforts, so that it percolates down to every level of the community – the core objective of EdelGive Hurun India Philanthropy List,” he said.

This year’s list features individuals who have donated Rs 5 crore or more during 2022.

The Top 10 in the List cumulatively donated Rs 3,378 crore in FY22, as against a combined donation of Rs 12,785 crore in last year’s list.

Couples Susmita and Subroto Bagchi and Radha and NS Parthasarathy debuted in the list with a combined donation of Rs 425 crore to the Indian Institute of Science (IISc) and also entered the Top 10 and are ranked fifth.

Nandan Nilekani and his wife Rohini Nilekani are ranked 9th and 11th respectively in the list and are active philanthropists.

Shiv Nadar and family with a donation of Rs 1,161 crore tops the list.

The founder-chairman of HCL Technologies, Nadar has been very consistent in giving and is only 8 percent lower than his donations in FY21.

Nadar has focused its philanthropic efforts mainly on education. The initiatives by the foundation include the SSN Institutions, VidyaGyan, Shiv Nadar University, Shiv Nadar School, Shiksha Initiative, and Kiran Nadar Museum of Art. The Nadar Foundation has spent $1.1bn across its initiatives so far.

With a donation of Rs 484 crore, Azim Premji and family are at the second ranking in the list.

Contribution towards philanthropy has fallen by 95 percent year-on-year due to the exceptional share buyback in 2021.

Premji’s two charities have been made partners in three companies that hold his 56 percent stake in Wipro Ltd, allowing the trusts to receive monetary gains from the shares even as Premji retains the voting rights.

The primary goal of Azim Premji Foundation India Private Limited is to contribute to a society that is a just, equitable, humane and sustainable society as envisaged in the Constitution of India.

With a donation of Rs 411 crore, Mukesh Ambani and family, 65, of Reliance Industries, retains the third spot in the list. He channelizes his charitable activities through Reliance foundation with focus on education and healthcare.

Reliance produced 1,000 tonnes of oxygen every day during the second wave and provided it free to states for over 1 lakh patients. Besides, it set up a 2,000 bed hospital for Covid care. Over 8.5 crore free meals were distributed to frontline workers and vulnerable communities.

Six women found their place in EdelGive Hurun India Philanthropy List 2022. With a donation of Rs 120 crore, Rohini Nilekani of Rohini Nilekani Philanthropies is India’s most generous woman, followed by Leena Gandhi Tewari of USV who donated Rs 21 crore.

Anu Aga and family of Thermax donated Rs 20 crore in FY22 to come in the third spot.

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