Mumbai: Over forty per cent of the country's philanthropists will increase their contribution by 2020, driven by strong growth in the economy, says a report. "More than four out of ten current donors will increase their philanthropic contributions in the next five years," business consulting firm Bain & Company said in its 'India Philanthropy Report 2015'. The report is in conjunction with philanthropic foundation Dasra.
It said the urge to contribute more and to a larger number of philanthropic organisations is driven by the country's strong economy, greater number of wealthy individuals, and heightened global interest. The findings are based on a survey of nearly 400 high-net-worth individuals (HNWIs) across eight major cities and around 50 non-profit organisations.
"In the survey 43 per cent of current donors are telling us that they are ready to increase their philanthropic contributions over the next five years, many of them by over 20 per cent," Arpan Sheth, a Bain partner and one of the report's authors said.
The report said there has been a significant change in the country's philanthropic landscape in last five years, with addition of more than 100 million donors since 2009. "In 2009, only 14 per cent of the adults across the country donated cash and about 12 per cent donated their time.
In 2013, those numbers jumped to 28 per cent and 21 per cent respectively," the report said. It said the growth of philanthropy in the country now outpaces other developing countries, such as El Salvador and China.
Currently, India ranks 69th on the World Giving Index, a significant jump from 134th in 2010. The report, however, said approximately half of the donors, who were surveyed are not aware of a sufficient number of credible organisations or foundations that they felt comfortable donating to.
Over 60 per cent said non-profit organisations must display greater transparency and accountability to attract more donations. Around 64 per cent of larger trusted nonprofits said that over half of their donors had donated repeatedly.
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