Heeding call, Indians give $5-$6 billion to charity in 2010
Was it Warren or Bill who did it, or just getting rich?
Microsoft founder and philanthropist Bill Gates (L) Wipro Chief Azim Premji (2L) Melinda Gates (2L) and Warren Buffett (R) take part in a joint press conference in New Delhi on March 24, 2011. Two of the world’s richest men, Bill Gates and Warren Buffett, took their charity roadshow to New Delhi where they hope to coax their rich Indian peers to part with some of their wealth.
Wheter it was the browbeating from Warren Buffet and Bill Gates earlier this year, or just the incredible increase in wealth for India's richest people, nobody knows. But charitable donations by India's wealthy individuals rose some 50 percent since 2006 as a percentage of GDP, to approximately $5-6 billion in India in 2010, the Indian Express reports.
"The future of giving is poised to rise further, as the rich population in India grows and as the philanthropic system becomes more advanced," the paper quoted a study by Bain & Company as saying.
"Indian companies have stepped up social spending at a faster rate than their own profit growth. It has been estimated that corporate giving in India now totals $1.5 billion, increasing five-fold since 2006," according to the report 'India Philanthropy Report 2011.' The paper aslo cited the report as saying that 40 percent of rich Indians plan to increase philanthropic donations over the next five years.