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HomeEconomyWipro boss Azim Premji's charity pledge is nearly 10 times Bhutan's economy

Wipro boss Azim Premji’s charity pledge is nearly 10 times Bhutan’s economy

Azim Premji has pledged all the earning from his stocks in Wipro to charity, taking his total contribution to $21 billion.

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New Delhi: Wipro boss Azim Premji, 73, has pledged all his earnings from his stock in the multinational company to philanthropy, a statement from the Azim Premji Foundation said Wednesday, taking his total contribution to $21 billion, a figure nearly 10 times Bhutan’s GDP ($2.5 billion, 2017).

Premji pledged 34 per cent of Wipro’s shares, which amount to Rs 52,750 crore or $7.5 billion, towards charity initiatives, according to the statement.

With this, his overall commitment towards philanthropy will total Rs 1.45 lakh crore, landing him a slot alongside some of the world’s most generous entrepreneurs, including Microsoft founder Bill Gates ($41 billion) and Berkshire Hathaway chairman Warren Buffet (approximately $46.6 billion).

“He has done this by additionally earmarking all economic benefits for philanthropic purposes, in approximately 34% of the shares in Wipro Limited (current market value ~INR 52,750 crores/ USD 7.5 Bn), held by certain entities controlled by him,” the statement read.

The gesture was acknowledged by entrepreneur Kiran Mazumdar Shaw, the chairperson of Biocon Ltd, in a tweet.

“Premji’s generosity knows no bounds… I salute his awesome philanthropy with deep respect n admiration,” she tweeted.

A not-for profit organisation set up in 2000, the Azim Premji Foundation has been primarily focusing on the field of elementary education in “some of the most disadvantaged parts of India”.

Most of the work has been undertaken in partnership with various state governments, the statement said, with the current field of action spread across Karnataka, Uttarakhand, Rajasthan, Chhattisgarh, Puducherry, Telangana, Madhya Pradesh, and some north-eastern states.


Also read: Azim Premji University economists respond to criticism about jobs report


Philanthropy in India

Many of India’s entrepreneurs have made significant contributions towards social causes, including Reliance Industries chairman Mukesh Ambani, HCL boss Shiv Nadar, Infosys co-founder Nandan Nilekani and his social worker wife Rohini Nilekani, and Shaw.

Most of their financial contributions have been directed towards education, healthcare, sanitation and social and rural development.

“The seriousness, scale and complexity of India’s social problems require philanthropists to go beyond personal satisfaction,” the India Philanthropy Report 2018 released by the US-based consultancy Bain & Company said, noting that Indian philanthropists were finally beginning to act on India’s needs.


Also reads: Five-year tussle with RBI has only helped Asia’s richest banker Uday Kotak get richer


 

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3 COMMENTS

  1. Good for him. While the Ambani’s are shamelessly building private sky scrapers and hosting lavish weddings, he’s show

  2. Hats off to Prmjiji. Thank god he has always on the good books of government in power otherwise he would have got ED/IT notice to give account for the money donated by him!

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