Private philanthropy up 23%; family foundations biggest spenders
The Covid-19 pandemic took a huge toll on businesses in India, but the private sector didn’t shy away from its philanthropic commitments. According to the Bain & Company and Dasra Indian Philanthropy Report 2021, in the fiscal year 2020, private-sector funding was in the region of ₹64,000 crore, close to 23% more than in fiscal year 2019 (₹52,000 crore).
Billionaire families’ interest in philanthropic activities is also deepening. According to an Edelweiss report, 95% of family business owners have philanthropic interests and commitments. PwC suggests that these interests and activities are not limited to capital but indicate a significantly deeper commitment. Approximately 90% of such families in India are engaged in activity in addition to giving money— a significantly higher portion than the global average of 68%.
The family foundations have biases towards certain causes such as education and healthcare, and often other pressing issues such as gender equality get neglected.
In FY20, education and healthcare received a higher share of family giving (47% and 27% respectively). Though, philanthropic spending in India is on the rise, the Bain & Company-Dasra report says that the social sector remains underserved.
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