In a country of 52 billionaires that is India, philanthropy is surprisingly weak, according to Hindustan Times.
Indian philanthropy lags behind developed nations, according to a report by Bain & Co. Charitable contributions in the Asian nation amount to 0.6 percent of its gross domestic product, compared to 2.2 percent in the U.S. and 1.3 percent in the U.K.
Of India’s charity financing, only 10 percent comes from individuals and corporations. Corporate social responsibility is not vibrant in the Asian country, non-governmental organizations say.
“Companies like to do CSR but only around their factory and this does not lead to overall social development of the nation,” said Mathew Cherian, chief executive of HelpAge India, as quoted by Hindustan Times.
An earlier report by Devex shows that philanthropy is growing in India, with the country earning “stronger member” status with Save the Children.