Narayana Murthy said, “The power of money is to give it away.”
It is also said that if India’s richest 100 donated their fortunes the way Warren Buffet and Bill Gates did – over 250 billion dollars, a quarter of the Indian GDP would be generated.
Indian corporate history is replete with business icons who’ve changed the philanthropic behavior of their countrymen, encouraging them to step up the amounts they give. The leadership, diligence, foresight and wisdom a great entrepreneur demonstrates has the potential to dramatically shape a nation’s future.
Social commentator Santosh Desai, “Indians have always been generous people. Corporates can take a lead from the Tatas, who have institutionalized philanthropy, making it an act of corporate social responsibility and not charity.
Yash Birla, scion of the Birla empire says, “Keep in mind there’s always a higher purpose for your income.”
What is holding people back from giving? They don’t know how and who to give to. When it comes to a structured approach to philanthropy, most of them are found wanting.
Trust in another big factor why most wealthy people don’t loosen their purse strings. They are afraid their money wouldn’t reach the right channels. A reason, why big corporate houses build their own charitable foundations with the organizations.
Is India Inc. listening?