While  the Indian economy has grown in the last one decade, its biggest players lack in charity, compared to those in US and European countries, says a study by Bain & Company. “In the United States, donations totaling slightly more than $300 billion come around 2 percent of the US gross domestic product, in India philanthropic donations accounts to 0.6 percent of India’s GDP,” said the report.

The report contends that India has still a long way to go in philanthropy directions as the number of billionaires are growing every year. According to the report “Between 2006 and 2007, the number of wealthy individuals in India surged by 23 percent - possibly the highest growth rate in the world”

The report said, “Individual and corporate donations make up only 10 percent of charitable giving in India. The balance of the philanthropy comes from foreign organizations and the government. In fact, nearly 65 percent is donated by India’s central and state governments with a focus on disaster relief.”

But individuals contribute to three-fourth percent of philanthropy in the United States. 

However, the good news is that India is still leader among the developing countries, the report further added.

Read the entire report.