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India ‘Doing Okay’ in philanthropy
Why in the news ?
- According to the Centre for Asian Philanthropy and Society’s (CAPS) Doing Good Index (DGI), a first of its kind survey, India is just ‘Doing Okay’ in philanthropy .
- This is inspite of government mandating corporates to invest 2% of their net profits for corporate social responsibility (CSR).
Details
- India, along with neighbours Pakistan and China, is featured in the ‘Doing Okay’ cluster in DGI, just ahead of Indonesia and Mynamar.
- Countries like Hong Kong, Korea, Malaysia, Philippines, Sri Lanka, Thailand and Vietnam are ‘doing better’ while Japan, Singapore and Taiwan are ‘doing well'.
- U.S. is the most philanthropic country in the world with philanthropic activity constituting 2% of the GDP, enough to fund one-third of worlds social development goals on an annual basis.
- India and China have both recently enacted sweeping sets of reforms targeting international NGOs and funding and domestic philanthropy.
- India put in place the Foreign Contribution (Regulation) Act in 2010, which originally focused on international support for political parties.
- In 2013, the Companies Act was revised to require companies with revenue of more than Rs.10 billion to dedicate 2% after taxes to corporate social responsibility through approved organisations.
Source
The Hindu.