Mumbai: Indian billionaires in the recent past have faced a lot of criticism for not giving enough and with the Gates-Buffet Indian tour inching closer, the air around philanthropy is heating up, according to a recently-released lecture series.
JSW Foundation, CSR arm of the Jindal group, launched the O P Jindal lecture series in collaboration with Asia Society India Centre in Mumbai at an event titled ‘Next generation philanthropy’.
An eminent panel comprising Pierre Omidyar, Founder, eBay Inc and Co-founder Omidyar Network and captains of Indian industry, JJ Irani, Director, TATA Sons, Anand Mahindra, VC & MD, Mahindra & Mahindra, Ajay Piramal, Chairman, Piramal Enterprises and Madhabi Puri Buch, MD & CEO, ICICI Securities shared their vision and ideas for young India.
Sajan Jindal, VC and MD of JSW Steel said, “My father Shri O P Jindal envisioned supporting social initiatives at an early stage and supporting community development and the girl child has always been very important for the group”
Speaking at the event Pierre Omidyar said, “India has the potential to lead the world in social innovation.”
The Omidyar Network has made an investment of about US$ 70 million in social initiatives and plan to invest another US$ 100 – 200 million in the next 5 years. “It doesn't really matter whether you invest in a nonprofit organization or a for profit social enterprise. What matters is the social impact,” Omidyar said.
“People in India are inherently capable but often lack equal opportunity. Provided the right conditions and a chance to display its deep talent, India has the potential to become the social innovation hub for the rest of the world,” he said.
The Tata group has a long history of philanthropy in India. Tata Trust, the nonprofit arm of the group has been actively supporting social organizations and individuals for several decades.
“It is easy to write a cheque but very difficult to see the impact,” said J J Irani. “To see positive social impact it is essential to have a wealth creation arm and a delivery arm.”
“The basic problem in India is a problem of scale. The Government must take initiative and work closely with NGO’s as they cannot do it alone. Frankly the previous generations have contributed more than the current and this needs to change.” said Ajay Piramal.
The Piramal Foundation has been supporting several social initiatives in the areas of healthcare and education.
Employee engagement is an important aspect of corporate social responsibility and the Mahindra and Mahindra group’s innovative strategy called ESOP or Employee Social Options is a remarkable example of employee engagement.
“The Government can show the way and have a role to play and corporations must be a step ahead,” said Anand Mahindra.
“There is no better way to understand your strengths and discover how you can make a difference in the larger context than to voluntarily engage in philanthropy,” said Madhabi Puri Buch.
The Ministry of Corporate Affairs recently suggested companies to spend 2% of their net profits for social causes.
This is something that leading Indian business houses already seem to be doing. However, the concept of CSR in India is inclined more towards corporate giving while globally the concept of CSR is more about the triple bottomline.
The Indian philanthropy space gaining rapid momentum and is certainly something to watch out for in the months to come.