Philanthropy in India on the rise, but funding gaps remain: Report
Philanthropy in India is gaining momentum, with donations from people and companies expected to increase by more than 9% annually for the next four years. But experts warn that funding would need to grow at more than twice that pace to meet the vast social needs of the world's most populous nation. India's government has been working to put more wealth back into the community. Since 2014, companies meeting certain financial thresholds have been required to spend 2% of their profits on social developments. Still, it's Indian families who are the cornerstone of private charitable giving in the country, according to the India Philanthropy Report. Rebecca Bundhun reports from Mumbai.
Philanthropy in India is gaining momentum, with donations from people and companies expected to increase by more than 9% annually for the next four years. But experts warn that funding would need to grow at more than twice that pace to meet the vast social needs of the world's most populous nation. India's government has been working to put more wealth back into the community. Since 2014, companies meeting certain financial thresholds have been required to spend 2% of their profits on social developments. Still, it's Indian families who are the cornerstone of private charitable giving in the country, according to the India Philanthropy Report. Rebecca Bundhun reports from Mumbai.
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