India (Commonwealth Union)_ During the fiscal year 2023, Indian billionaires exhibited remarkable generosity, marking a significant upsurge in philanthropic contributions, as reported by the EdelGive Hurun India Philanthropy List 2023. The total charitable donations from this elite echelon amounted to Rs. 5,806 crore, reflecting a substantial 59% increase from the preceding fiscal year’s sum of Rs. 3,034 crore. Topper of the esteemed list is Shiv Nadar, the illustrious founder and chairman of HCL Technologies, who emerged as the foremost philanthropist, spearheading this benevolent wave with a staggering donation of Rs. 2,042 crore through the Shiv Nadar Foundation in FY 2023.
Notably, this marks the third instance in five years that Nadar has claimed the mantle of the most generous Indian philanthropist, averaging an exceptional Rs. 5.6 crore donation per day. Nadar’s philanthropic contributions soared by an impressive 76% compared to the previous year, while billionaires such as Azim Premji of Wipro secured the second position, having magnanimously donated Rs. 1,774 crore, signifying a remarkable 267% increase from the previous fiscal year. Following closely, Mukesh Ambani and family contributed Rs. 376 crore, positioning them as the third most significant donors through the Reliance Foundation.
The roster of top philanthropists includes Kumar Mangalam Birla and family in the fourth spot with a donation of Rs. 287 crore, and Gautam Adani and family from the Adani Group ranked fifth with a contribution of Rs. 285 crore. Anil Agarwal and family secured the seventh spot, offering a donation of Rs. 241 crore, marking a substantial 46% increase compared to the previous year. Moreover, the distinguished philanthropic couple, Nandan Nilekani and Rohini Nilekani, were among the top 10 contributors, with annual donations amounting to Rs. 189 crore and Rs. 170 crore, respectively. Notably, the youngest philanthropist to grace the list was Zerodha’s co-founder Nikhil Kamath, aged 37, who contributed a substantial Rs. 110 crore.
Naghma Mulla, the CEO of the EdelGive Foundation, highlighted the significance of this year’s unprecedented philanthropic surge among Indian billionaires, emphasizing its reflection of India’s evolving culture of giving. Mulla emphasized the symbiotic relationship between wealth creation and philanthropy, expressing enthusiasm regarding the 60% increase in cumulative personal donations, totaling Rs. 4,958 crore, representing 70% of the total contributions on the list. He stated, “Wealth creation is important for economic development, while philanthropy is equally important for economic prosperity. I am enthusiastic about the surge in personal philanthropy in India. Cumulative personal donations have increased by 60% to reach Rs. 4,958 crore, constituting 70% of the total donations on the list”.
Remarkably, the number of donors contributing over Rs. 100 crore escalated from two to 14, and those donating over Rs. 50 crore rose from five to 24. Anticipating India’s continued commitment to philanthropy and its potential for wealth creation, Mulla foresees the possibility of these figures potentially doubling over the next five years, signifying an auspicious trajectory for the nation’s charitable landscape. He stated, “Given India’s potential for wealth creation and assuming a continued commitment to philanthropy by billionaires, I anticipate these figures to potentially double over the next five years”.
