India is set to be the oldest country as well - Sunil Kant Munjal
28 September 2023
New Delhi
Indian philanthropy tends to focus on the usual areas of education, health and sanitation, but Indian philanthropists need to take on risky philanthropy, according to Ms Rohini Nilekani, Chairperson, Rohini Nilekani Philanthropies. "Not politically risky but where one cannot see the benefits accruing quickly, mental health for example," she said. Ms Nilekani said it while addressing the 50th National Management Convention organized by All India Management Association (AIMA).
Old age care is an area that Indian philanthropists must start thinking about, Ms Nilekani said. She noted that India will start ageing in a few years and while some young entrepreneurs are investing in that area, there would be need for more philanthropy to come in.
Mr Sunil Kant Munjal, Chairman, Hero Enterprise, highlighted that in less than a decade India will not only be the youngest country in the world but also the oldest.
On the issue of corporates using philanthropy for political patronage, Ms Nilekani said that philanthropy can be misused to get power. "If you want to do that, you can go wrong," she warmed.
Ms Nilekani expressed happiness that foreign philanthropy in India is coming down and Indian money is going up. "Philanthropy in India now can show the whole world a new model of philanthropy," she said.
On the urgency for philanthropy, Ms Nilekani said that too much value in the economy is captured by too few. Why should the government not raise the tax rate, or set up inheritance tax, or take other means to redistribute? she asked. "The wealthy should show why wealth creation is healthy for the society," she said.
Mr Munjal said that the market economy has lifted many boats but not all boats and the disparity between the top and the bottom has only increased. He expressed surprise that it has not created social strife in India, especially now with everybody able to see how the super wealthy live. "There needs to be a new compact between the industry and the society," he said.
Ms Nilekani insisted that in a country the 'samaaj' should come before 'sarkaar' and 'bazaar', as everyone is a citizen first. She said that all the three pillars need to cooperate. Stressing the primacy of technology in cooperation between society, government, and business, she said that technology helps everyone to do things with less friction. She gave the example of Pratham, a publishing organization she co-founded, which produces and distributes children's books. She said that being free, Pratham's books had a big impact on children's literature market and the government has allowed private books to be distributed through its education platform Diksha.
On the issue of 'bazaar' shaping the 'samaaj' now, Ms Nilekani said that everybody thinks of oneself as a consumer first and not a human or a citizen. "We cannot consume our way out of bad governance," she said.
Talking about the next generation philanthropists, Ms Nilekani pointed out that the moment one makes one's first billion, one wants to change the world. However, she said that young entrepreneurs are thinking about philanthropy even before making their first billion. She said that many have already joined the Founders' Pledge and committed 10% in advance if they sell out.
Mr Munjal asserted that the notion that the business of business is business is history. The big push towards philanthropy has come from regulation, he said, adding that today many are doing it, or at least showing that they are doing it. However, he emphasized, even if one start to pretend, one's behaviour tends to change.
The session was livestreamed on AIMA's social media channels.
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