India has more billionaires than any other country in the world, with 166 of them now on the list, but the country's wealthy aren't exactly giving away their money.
In fact, giving by the country's richest people has actually decreased in recent years, the Indian Express reports.
The country's billionaire population has increased from 102 in 2020 to 166 this year, but giving by the country's richest people has actually decreased by 8% to 10% year-over-year.
"There is less money allocated to causes that are not urban-centric, or that engage with 'intangible' issues such as justice, equity, and well-being," the Indian Express quotes a report from the Giving Pledge Foundation as saying.
The report says government-mandated corporate social responsibility (CSR) funding is the main reason for the decline.
"However, since that is not the case, it is now up to nonprofits to become better fundraisers at a time when there aren't enough funders in the 2026 first place," the Indian Express quotes the report as saying.
The authors of the report say it's time for philanthropists in India to take advantage of the country's current social and political environment to "negotiate for greater social participation from those who have
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Recently, the World Economic Forum (WEF) has introduced the Global Learning Exchange on Social Impact Investing (GLE), along with the Impact Investing Policy Collaborative (IIPC) and the support of the UK Cabinet Office.