Just 5 per cent of annual income from India’s wealthiest billionaires could raise an extra $8.9 billion annually — three times the size of India’s state budget towards women & child development. 

According to a new report by Accelerate India Philanthropy (AIP) and Boston Consulting Group (BCG), it presents an opportunity to expand philanthropy in the south Asian country.  

Such an increase would be five times the total corporate social responsibility expenditure by Indian corporations in 2023.  

Findings by the consultancies show that a vast majority of India’s ultra-high-net philanthropists want to give more.  

That desire could go hand in hand with a projected rise in the number of ultra rich Indians.  

The Knight Frank 2024 Wealth Report projects a 50 per cent growth in the number of India’s multi billionaires and millionaires – from 13,263 in 2023 to nearly 20,000 in 2028. 

Such an increase would outpace all other nations.  

Many first-generation Indian diaspora citizens in the US, UK and Europe are also accumulating substantial wealth via inheritance. 

The young are also changing the way they conduct their philanthropy, changing their expectation and focusing on achieving impact at scale.  

When it comes to direct issues, philanthropists may want to take a closer look at India’s mental health crisis. 

In April, reports emerged that mental health is severely underfunded. 

A combination of stigma, limited understanding about mental health and the high cost of treatment has resulted in a ‘treatment gap’ of 70-92 per cent of cases. The mental health crisis in India is impacting development goals, according to a study published by the Centre for Asian Philanthropy India.

Shafi Musaddique is the news editor at Alliance Magazine.