Into its third year of surveying the benevolence of Indias wealthiest individuals,the India Philanthropy Report 2012 (IPR) was released on Wednesday. Published by consultancy firm Bain and Company,IPR 2012 showed a significant rise in private donations for philanthropic causes as compared to last year.
The report was released after polling 400 high-net-worth individuals (HNWIs) across Delhi,Mumbai,Hyderabad and Pune. HNWIs are defined as those with investible assets of more than $ 1.1 million.
IPR 2012 revealed that like the last two years,education continued to be the most popular cause followed by food,clothing and healthcare.
Education creates a more employable workforce. Global estimates have shown that creating an educated workforce could reduce poverty by 70 per cent. Indias education needs must be urgently addressed,specially for the poor, Deval Sanghavi,CEO of Dasra Foundation and founder of Indian Philanthropy Forum said.
Members of the Indian Philanthropy Forum felt that the issue of lack of access to toilets, particularly in rural areas,was also a cause of concern. Figures revealed lack of toilets,poor hygiene habits and inadequate sanitation cost India almost $ 54 billion every year.
Last years India census figures showed that 53.2 per cent of people in India own cell phones but only 49.8 per cent of people have access to toilet facility. Also,50 per cent of Indian people defecate in the open. Sanitation continues to be a taboo subject,like leprosy,liberation of woman and HIV. But just like these issues,the subject needs to be addressed first to make a change in the right direction, Jack Sim,founder of World Toilet Organisation said.
It was seen that on an average,the surveyed HNWIs donated 3.1 per cent of their income,a step up from 2.3 per cent in 2010. The report highlighted the finding that more than a third of those surveyed were 30 years old or younger.
When we asked elderly members of the families,70 per cent of them said the younger family members have a stronger voice in the means of philanthropy. This is in stark contrast to the scenario in the USA. This underscores that philanthropy is a nascent sector in India,with tremendous scope for growth, Arpan Sheth,Bain and Company partner and author of the report said.