India's Social Sector Funding Trends Highlighted in the ‘India Philanthropy Report 2025’
According to the report, social sector spending in India amounts to 6–7% of the GDP annually, including both public and private contributions.
Key Highlights of the Report
India’s Social Sector Funding: Reached approximately ₹25 lakh crore in FY24, with a 13% compound annual growth rate (CAGR) over the last five years. The funding is expected to reach ₹45 lakh crore by FY29.
Growth Drivers: The rise of the economy, the Indian diaspora, and structural reforms are the main factors contributing to this growth.
Key Concerns
Low Private Sector Contribution: Private contributions account for just 5% of the total spending. These contributions primarily come from family philanthropy by high-net-worth individuals (HNIs) and corporate social responsibility (CSR) initiatives. Examples include the Heritage Project (2018) by Radha Goenka and the Pride Fund (2025) by Godrej Industries.
Funding Gap: The flow of funds into India’s social sector fell short of NITI Aayog’s recommendation for 2023-24 by approximately ₹14 lakh crore. NITI Aayog suggests that social sector funding should be 13% of GDP.
Significance of Philanthropy as a Development Tool in India
Bridging Funding Gaps: Philanthropy can supplement critical government budgetary support.
Addressing Development Gaps: Philanthropy plays a key role in areas like poverty alleviation, education, and healthcare access. For example, the Azim Premji Foundation works to enhance rural public education.
Catalyzing Innovation: Philanthropic initiatives also drive innovation, especially in technology, such as digital literacy programs and healthcare startups. An example is the Bill & Melinda Gates Foundation, which focuses on sanitation innovations that align with the Swachh Bharat Mission.
Tags : UPSC 2025 current affairs preparation, UPSC
current affairs January 2025, UPSC 2025 daily current affairs, Best sources for
UPSC current affairs 2025, UPSC 2025 current affairs for prelims, UPSC 2025
current affairs for mains, Important current affairs for UPSC 2025, UPSC
current affairs strategy 2025, UPSC 2025 current affairs notes, UPSC current
affairs PDF 2025, Current affairs for UPSC 2025 preparation, UPSC 2025 current
affairs online classes, UPSC current affairs quiz 2025, How to study current
affairs for UPSC 2025, UPSC 2025 current affairs magazines, Current affairs for
UPSC 2025 prelims and mains, Current affairs updates for UPSC 2025, UPSC 2025
current affairs analysis, Current affairs for UPSC 2025 PDF download, UPSC 2025
current affairs important topics,
No comments:
Post a Comment