Denoting the philanthropic landscape in India, the EdelGive Hurun India Philanthropy List 2023 reveals the country’s top 10 generous billionaires. With a staggering 119 individuals having donated more than ₹5 crore in FY23, their combined contribution amounted to ₹8,445 crore.
Taking third place on the list is Mukesh Ambani, India’s richest man. However, his philanthropic outgo experienced an 8% decline compared to the previous year. Meanwhile, Gautam Adani, who surrendered his title as the country’s richest man to Ambani, increased his generosity by 50%. This propelled Adani to the fifth spot on the list.
Among the top 10 philanthropists, tech billionaires Shiv Nadar of HCL Technologies and Azim Premji of Wipro stand out for both the size and scale of their philanthropy. Nadar, who retains his title as the most generous billionaire in India, donated an impressive ₹5.6 crore per day, primarily in the areas of arts and culture. In fact, Nadar’s philanthropic endeavors surpass the combined donations of eight other billionaires on the list, including Ambani.
Premji, positioned as the second most generous man in India, experienced a remarkable 267% increase in contributions compared to the previous year. This surge can be attributed to a notable 400% rise in dividend payouts by Wipro in FY23. Premji’s innovative strategy allows the trusts to benefit monetarily from the shares, while he retains the voting rights, as explained by Hurun.
The list also features the philanthropic efforts of the Kamath brothers from Zerodha, who at the ages of 44 and 37, are among the youngest contributors. Their donations, amounting to over ₹110 crore, are primarily directed towards climate and sustainability causes. Ranjan Pai, aged 50, made a significant allocation of ₹92 crore towards education, experiencing a remarkable 512% increase in donations over the past year.
Moreover, the Bajaj family showcased an overwhelming increase in their philanthropy by 234%, securing a position on the list for the first time. Alongside Nandan Nilekeni, his wife Rohini Nilekeni also features on the list, focusing on ecosystem building.
Overall, the top 10 philanthropists in India collectively donated ₹5,806 crore in FY23, compared to ₹3,034 crore the previous year. This represents a significant 59% increase and a substantial 200% increase over the past three years.
Anas Rahman Junaid, Managing Director and Chief Researcher at Hurun India, highlights the importance of both wealth creation and philanthropy in fostering economic development and prosperity in India. Junaid predicts a potential doubling of philanthropic figures over the next five years, considering India’s wealth creation potential and billionaires’ continued commitment to philanthropy.
Additionally, the number of donors contributing over ₹100 crore has increased from two to 14 over the past five years, and those donating over ₹50 crore rose from five to 24.
The EdelGive Hurun India Philanthropy List 2023, which includes 119 individuals who donated over ₹5 crore in FY23, showcases the growing trend of personal philanthropy. Personal donations have surged by 60%, reaching a cumulative ₹4,958 crore, constituting 70% of total donations on the list. Notable names contributing in their personal capacity include A M Naik of L&T, Sushmita and Subroto Bagchi of Mindtree, Infosys’ Kris Gopalakrishnan and family, and M A Yusuf Ali of Lulu Group.
Moreover, corporate social responsibility (CSR) spending among BSE 200 companies has been steadily growing at a compounded annual growth rate (CAGR) of 15% over the past nine years. CSR spending in FY23 totaled ₹12,271 crore, a significant increase from ₹5,561 crore in FY15.
Hurun emphasizes that CSR is evolving from mere charitable donations to a more long-term strategic engagement, with government, civil society, and corporations acting as the three pillars supporting the nation-building process in India.
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