TIL Desk/Business/Mumbai/ Reliance Industries chairman Mukesh Ambani, the richest Indian, comes third among philanthropists, in a list that is led by Shiv Nadar of technology company HCL. Azim Premji, who created headlines by announcing a $ 21 billion commitment to charity, is second in the Edelgive Hurun India Philanthropy List 2019. Corporate families have been championing social causes for long, but the Companies Act 2013 made it mandatory for entities above a certain threshold to devote 2 per cent of their profit to CSR.
Corporate families have been championing social causes for long, but the Companies Act 2013 made it mandatory for entities above a certain threshold to devote 2 per cent of their profit to CSR. The list includes data from company disclosures and also interviews. Nadar and his family donated Rs 826 crore, while Premji gave Rs 453 crore and Ambani parted with Rs 402 crore, according to the list.
Edelgive Foundation chief executive Vidya Shah said fear of being associated with causes like civil liberties, along with lack of measurability of the impact, are working as impediments for corporate from pledging more. The number of Indians who have donated more than Rs 5 crore to social causes, excluding religious donations, almost doubled to 72 from 38 in 2018.
