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Private Philanthropy Needs To Step Up, Bridge ₹7.7L Crore Spending Gap: Report
The report noted that there is a ₹7.7 lakh crore gap in social spending in India. The report, however, noted that there is a ₹7.7 lakh crore gap in social spending in India. In absolute terms, total spending fell to ₹4,230 crore in 2021-22 from ₹11,811 crore in 2020-21. Private philanthropy, however, has the potential to support the public sector and supplement social spending in India, with the report arguing that the growth in public funding may level out to pre-pandemic levels. About 50 per cent of state-specific CSR spending is directed towards just a few states, namely Maharashtra, Gujarat, Karnataka, and Tamil Nadu," said Ms Nundy. Suggesting a positive shift in family philanthropy, the report noted that now-generation (those with first-generation wealth) as well as inter-generation donors are increasingly focusing on underrepresented causes. Source - NDTV
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