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More wealth in India leads to more giving

November 11, 2010

A recent article in the Washington Post talks about the rise of philanthropy in India as a new generation of wealthy families takes hold.  While India has seen a rise in giving and a different mentality around philanthropy, everyone quoted in the article seems to think that there is a long way to go.  It was striking to me to learn that the number of billionaires in India almost doubled in the last year alone (from 27 to 52)!

My favorite quote:

“In India, there’s a psychology of scarcity. So in India, the tipping point for philanthropy has yet to come,” said Arpan Sheth, a partner at Bain who wrote the report [on philanthropy in India]. “There still has to be more institutions in place to make people feel more comfortable about giving. There is a significant amount of wealth creation. Now the question will be what to do with that wealth.”

We covered the Bain report here and here.

Hat tip to Sharmila and PND on this story!

2 Comments leave one →
  1. November 11, 2010 4:37 pm

    Very interesting post – thanks for linking. I find it very interesting that there is a scarcity mentality. My older relatives (parents, grandparents) definitely contribute a good amount to charity and philanthropy. My grandparents always donate at certain times of the year, in conjunction with doing poojas and things like that. But I find that my younger Indian relatives (cousins, etc) don’t necessarily have the same mentality of philanthropy.. and what I find is more interesting is that very very few Indians of middle-class background seem to go into social justice careers – unlike my generation in the U.S. very it is very common now to do service, development, human rights, etc related careers now.

  2. asridhar permalink*
    November 13, 2010 1:14 pm

    Thanks, Akhila! That’s a very interesting observation about social-justice careers – here in North America, I think there is some prestige in that area of work, but it doesn’t seem to be the case in South Asia… yet!

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