The eBay founder-chairman Pierre Omidyar says India has the potential to bring social innovation to the world.
“The way a wealthy banker walks on the same sidewalk in Mumbai along which a poor family with no clothes uses gutter water to wash themselves in India is unique,” said Pierre Omidyar, founder-chairman of eBay, while delivering the keynote address on Next Generation Philanthropy at the OP Jindal Memorial Lecture Series on Tuesday, in collaboration with Asia Society India Centre, at a high-profile event held in Mumbai.
“The way the world’s largest intellectual capital exists in juxtaposition with intense poverty means for me that India has the potential to bring social innovation to the world,” he told the august gathering of corporate captains and added, “For any business to succeed social impact is necessary.”
The lecture series is an annual event that has been introduced by the Jindal Group to be held during the first week of January.
Pointing out how philanthropy and profit are not mutually exclusive he cited the example of the barn Delite, which sells solar lanterns in rural India and Africa that have no power.
“Yes they are making money and precisely why they are making social impact too,” he said.
The address was followed by a panel discussion between business stalwarts Dr JJ Irani, director, Tata Sons; Anand Mahindra, VC and MD, Mahindra & Mahindra; and Ajay Piramal, chairman, Piramal Enterprises Ltd. The session was moderated by Madhabi Puri Buch, MD and CEO, ICICI Securities.
The inaugural lecture was also aimed at drawing the attention of corporates, promoters and HNIs to increase their engagement in new forms of philanthropy for the nation’s development. “Today’s approach to philanthropy is an entire generation’s response to the needs of a complex and interdependent global community,” said Mahindra. “A new generation of philanthropists is finding fresh and innovative ways to contribute to the causes they love.”
When he was pointedly asked why he chose overseas destinations for his philanthropy, Mahindra defended his decision to give $10 million to Harvard. “It was a personal donation as the institution had helped me when I was a student,” he said and added, “However, if I have to spend company money, I will think about how I will justify it to my shareholders.”
The lecture series, offered by JSW Foundation, is dedicated to exploring the nature of philanthropy, current trends in philanthropy, and strategies to ensure efficient and effective philanthropic practice.
Sangita Jindal, chairperson, JSW Foundation said, “We are delighted to have achieved resounding success at this inaugural lecture series.”
“Our sustained efforts to bring quality programming to India have resulted in a rapidly growing membership base and have attracted a wide audience from the corporate sector, government, academia, and the media,” said Bunty Chand, executive director, Asia Society India Centre.
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