The road to philanthropic giving is one that sees a lot of change. With each year, philanthropists find different ways of engaging in charitable activities. Such a trend of steady change is not only inevitable, but also necessary for the Indian social landscape. In the recent past, India’s younger generations have revealed a new take on social responsibility and giving, by setting up fundraising India campaigns to initiate social change. This article focuses on the growth and scope of individual philanthropists in India.
Increase in individual contributions
The good news is that the trend in India depicts an upward graph, with a 9% jump in overall funds dedicated to the development sector. While corporate social activities, foreign funds, and government contributions still bring in the larger majority of development funds, individuals are becoming increasingly aware of the need to give back. In 2011, private donations brought in 15% of the funds, while the contribution as of 2016 were at 32%.
There’s a lot more to come
India is still brimming with pressing social issues, and the need for charitable and philanthropic activities isn’t going away anytime soon. The upswing has been quite apparent, and highly motivating for those striving to achieve their social goals, but there are still many fronts that require a stronger push. We have fallen back on the Human Development Index, and the Sustainable Development Growth index. An estimated Rs.533 lakh crores will be required if the SDG goals are to be met. This means that despite government schemes, individual donations will play a critical role in the progress of this country.
When the younger generation gives
It is needless to say that the progression in technology is largely responsible for how people view impact giving. People have less disposable income, but they have numbers. The behavioural traits of what we call Gen Y, are impulsive by nature, for they are driven by a strong sense of individuality. The same impulsive behaviour is applicable to their approach on philanthropy. They are much more likely to donate small amounts to various cause, as opposed to large sums to a single cause. Such a mindset is further encouraged by online fundraisers, or which gave rise to the phenomenon of crowdfunding.
The rise of crowdfunding
Gone are the days when nonprofits relied on big checks from philanthropists, because it offered a risky and unstable financial solution. Things have changed now, and while it may be difficult to keep a single donor engaged in a cause for a long time, it is much easier to rely on your ability to communicate your initiative to a large number of people. This gave rise to crowdfunding platforms in India, where individuals, groups, nonprofits, and social enterprises launch campaigns making an appeal to people to donate for their cause.
The nature of giving
Strategic giving is complex and multidimensional, depending on an individual’s goals, aspirations, resources, and time available. Even if an individual is not in the position to make a tangible financial donation, their reach and influence on social media platforms may very well be an asset to nonprofits.
All these minor changes are expected to result into something much larger, where more people will be inclined to get involved in social activities, not just by be donating, but also fueling their own ideas for social impact through NGO crowdfunding.