India Witnesses Surge in Philanthropy: Shiv Nadar and Azim Premji Lead the Way
In a show of remarkable generosity, India’s top billionaires have come forward to make significant contributions to philanthropic causes. According to the EdelGive Hurun India Philanthropy List 2023, 119 individuals donated more than ₹5 crore in FY23, with a total donation amount of ₹8,445 crore.
Leading the pack is Shiv Nadar, who has retained his position as India’s most generous billionaire. Alongside Azim Premji, Nadar is one of only two billionaires who donated over ₹1,000 crore in the past fiscal year. Nadar’s philanthropic endeavors, which amount to ₹5.6 crore per day, primarily focus on supporting arts and culture. Notably, Nadar’s contributions surpass the combined donations of eight other billionaires in the top 10 list, including Mukesh Ambani, India’s richest man.
Premji, the second most generous individual in India, witnessed a staggering 267% increase in his contributions compared to the previous year. This rise is largely attributed to a 400% increase in dividend payouts from Wipro, wherein Premji’s innovative strategy allows the trusts to benefit monetarily from shares while retaining his voting rights.
While Mukesh Ambani ranks as the third most generous man in India, his philanthropic outgo fell by 8% compared to the previous year. However, Gautam Adani, who conceded the title of India’s richest man to Ambani, displayed increased generosity by donating ₹285 crore—an impressive 50% rise from the previous year. Adani also climbed two positions in the top 10 list.
Another notable addition to the philanthropy list is the Bajaj family, who made their debut with a remarkable 234% increase in their charitable donations. In total, the top 10 philanthropists in India donated ₹5,806 crore, a significant increase from the previous year’s combined donation of ₹3,034 crore. Among these philanthropists, Nandan Nilekani and his wife Rohini made the list, with their focus on ecosystem building.
The EdelGive Hurun India Philanthropy List 2023 also highlights the growing trend of personal philanthropy among younger individuals. Zerodha’s Nithin and Nikhil Kamath, aged 44 and 37 respectively, donated over ₹110 crore towards climate and sustainability causes. Manipal’s Ranjan Pai, aged 50, donated ₹92 crore towards education, experiencing a massive increase of 512% in his allocation over the past year.
Moreover, the list revealed that personal donations have surged by 60%, reaching ₹4,958 crore. Such contributions constitute 70% of the total donations on the list, signaling a promising increase in personal philanthropy in India. The corporate sector has also demonstrated a commitment to social responsibility, with CSR spending among BSE 200 companies growing at a compound annual growth rate of 15% in the last nine years. Total CSR spend has risen from ₹5,561 crore in FY15 to ₹12,271 crore in FY23.
Anas Rahman Junaid, Managing Director and Chief Researcher at Hurun India, expressed optimism about India’s philanthropic landscape, stating, “Wealth creation is important for economic development, while philanthropy is equally important for economic prosperity. This year has been a record year for significant philanthropy. Given India’s potential for wealth creation and assuming continued commitment to philanthropy by billionaires, I anticipate these figures to potentially double over the next five years.”
I have over 10 years of experience in the cryptocurrency industry and I have been on the list of the top authors on LinkedIn for the past 5 years.