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LATEST NEWS UPDATES | India’s super rich give less while CSR contributions grow, says new report -Rashmi Menon

India’s super rich give less while CSR contributions grow, says new report -Rashmi Menon

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published Published on Mar 22, 2022   modified Modified on Mar 24, 2022

-Livemint.com

CSR contributions have grown to 23% in FY21 from 12% in FY15, in terms of total philanthropic contribution as well as the amount

India’s uber rich have sharply reduced their philantrophic contributions despite a surge in net worth in the past six years, according to a report.

The tally of retail contributors, or individuals who give less than Rs. 1.5 lakh annually, has however, swelled both in terms of their count as well as the size of contributions.

Ultra-high net worth individuals (UHNIs) or people with a net worth of more than Rs.1,000 crore have scaled down their philanthropic contributions by about 40% to Rs.12,000 crore in the six years through March 2021, according to the India Philanthropy Report 2022 released on Tuesday. Total contributions by individuals climbed 33% from Rs.21,000 crore in the fiscal ended March 2015 to Rs.28,000 crore in FY21.

The report said the number of individuals with wealth exceeding Rs.1,000 crore has increased by about 20% from FY20 to FY21, while their cumulative net worth expanded by about 50%, from about Rs.6 trillion to about Rs.9 trillion in the same period. Also, the cumulative wealth of UHNIs in the more than 5,000 crore bracket soared about 80%.

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Livemint.com, 22 March, 2022, https://www.livemint.com/news/india/indias-super-rich-give-less-while-csr-contributions-grow-says-new-report-11647972503361.html


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