According to the India Philanthropy Report 2023 by Dasra and Bain & Co, contributions made by India’s ultra-high networth individuals (UHNIs) with a net wealth of over Rs 1,000 crore, has dropped to Rs 4,230 crore in FY22 from Rs 11,811 crore last year.

This was because the Wipro Founder Chairman Azim Premji's share of giving dropped by Rs 9,000 crore "due to the share buyback in 2021 benefiting the foundations directly," as per the report.

"(The figures are) little bit misleading, because Azim Premji has actually enabled giving by allowing share buybacks which have benefited the foundations directly," said Jishnu Batabyal, Partner at Bain & Company, while talking about the report.

In FY20 and FY21, Premji emerged as the most generous Indian and topped the philanthropy charts. In FY20, he donated Rs 22 crore a day or Rs 7,904 crore and in FY21, Premji donated Rs 9,713 crore or Rs 27 crore a day.

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However, in FY22, Premji slipped to the second position with an annual donation of Rs 484 crore after ruling at the top position for the last two consecutive years.

During the COVID-19 pandemic outbreak, Premji's Wipro committed Rs 1,125 crore towards tackling the "unprecedented health and humanitarian crisis. Of the Rs 1,125 crore, Wipro Ltd's commitment is Rs 100 crore, Wipro Enterprises Ltd's is Rs 25 crore and that of the Azim Premji Foundation is Rs 1,000 crore.

In 2019, Premji made history after he pledged a $7.6 billion stake in his IT outsourcing company to his charitable organisation — The Azim Premji Foundation. The founder has committed that the economic benefits from 67 percent of the Wipro shares he holds will go to these two philanthropic arms.

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In rupee terms, the two philanthropic arms received Rs 1,964 crore (2017), Rs 5,894 crore (2018), Rs 1,318 crore (2020), and Rs 8,156 crore (2021) from the buybacks. Both the Azim Premji Trust and Azim Premji Philanthropic Initiatives, classified as part of the promoter group, hold 10.2 percent and 0.27 percent, respectively of Wipro.

The Azim Premji Foundation was set up in 2000 with the aim to facilitate primary education for everyone. The Azim Premji Philanthropic Initiatives arm was set up in 2014. Its objectives are to provide financial support through multi-year grants to not-for-profit organisations. It funds NGOs that work for the most disadvantaged and marginalised people.

Azim Premji was ranked No. 12 by EdelGive Foundation and Hurun India among the world’s greatest philanthropists in the past 100 years and has donated at least 10 times more money to charitable causes than anyone else in the country.

(Edited by : Shoma Bhattacharjee)

First Published:Mar 2, 2023 5:58 PM IST