Booming India Sees Growth in Philanthropy

November 3, 2010 at 10:05 am

Although India has a long tradition of philanthropy, giving on a large scale has only recently become common among wealthy Indians and Indian corporations, the Washington Post reports.

Wealthy families in India have long supported the construction of wells and schools in their native villages. Today, however, with the encouragement of American mega-philanthropists like Bill Gates and Warren Buffett, affluent Indians are finding ways to do more for the poor, especially as donor governments such as the United States reduce their foreign aid to developing countries.

According to global consulting firm Bain, Indian billionaires give more to charity than China’s wealthiest businessmen but less than those in developed countries. Moreover, between 2009 and 2010, the number of Indian billionaires nearly doubled, to fifty-two, while half the twenty-five wealthiest Asian billionaires listed in a recent Forbes magazine survey were Indian.

Source: Philanthropy News Digest, November 3, 2010

Entry filed under: entrepreneurship, India, NKITA.

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