Written by Shrenya Mallik, Research and Events Manager, Indiaspora; Sameer Acharya, Marketing and Communications Manager, Indiaspora; and Sanjeev Joshipura, Executive Director, Indiaspora.
In today’s business world, philanthropy has evolved beyond simple charity to become an essential part of many organizations’ business plans. The understanding that solving societal issues is not only a moral obligation but also an essential part of long-term corporate success is what is causing this change. Philanthropy is becoming more and more integrated into the operational models of corporations and ultra-high-net-worth individuals (UHNIs), following the larger trend of corporate social responsibility (CSR).
The realization that companies do not function in a vacuum is a major factor in this change. Businesses are a component of a wider social ecosystem that encompasses consumers, workers, vendors, suppliers, and larger communities. They are therefore realizing that the welfare of these stakeholders is imperative to their long-term success. Many UHNIs around the world are adopting more thoughtful philanthropic approaches that put long-term impacts ahead of one-time donations. In an attempt to find sustainable solutions for social problems, corporate giving is increasingly being tied to business objectives. This is consistent with a global trend.
GiveIndia provided resources to address issues like healthcare, education, and food security, allowing US-based philanthropists to support more than 500 nonprofits in India. During India Giving Day 2024, the India Philanthropy Alliance (IPA), a group of organizations dedicated to furthering development and humanitarian objectives in India, raised more than $5.5 million from individuals and businesses, highlighting the value of teamwork in expanding charitable endeavors. The India Philanthropy Alliance (IPA), a coalition of organizations committed to advancing humanitarian and development goals in India, raised over $5.5 million from individuals and businesses on India Giving Day 2024, underscoring the importance of collaboration in growing charitable activities.The India Philanthropy Alliance (IPA), a coalition of organizations aimed at advancing humanitarian and development goals in India raised over $5.5 million during India Giving Day 2024 from both corporations and individuals, emphasizing the importance of collaboration in scaling philanthropic efforts. This alliance underscores how partnerships between nonprofits can significantly enhance the impact of social initiatives. We would urge businesses to work together in a similar manner on successful philanthropic projects, particularly when it fits with their corporate goals.
Using a company’s strengths in technology, management, or logistics to increase social impact is known as strategic philanthropy. Several Fortune 500 companies collaborated with philanthropic organizations to acquire and deliver medical equipment to areas in critical need during the COVID-19 pandemic. FedEx mobilized their global network and resources to support communities in need during the COVID-19 pandemic, led by Raj Subramaniam, who is now CEO and was President at the time. Subramaniam is an Indiaspora member. FedEx was able to save lives by shipping personal protective equipment (PPE) and vital medical supplies like oxygen cylinders throughout the world, including India.
Purpose-driven businesses are setting the standard as younger generations expect businesses to be more accountable, using their resources and experience to make a bigger social impact. In today’s changing environment, companies that put social impact and growth first are more likely to succeed.
Indiaspora, a nonprofit organization of Indian diaspora and resident Indian leaders, is led by Executive Director Sanjeev Joshipura.
