New generation entrepreneurs conscious about philanthropy, says Wipro’s Azim Premji

Premji urged corporates to re-evaluate their role in society and prioritise collective welfare over narrow profit margins

Today’s younger generation entrepreneurs are much more conscious about philanthropy, said Azim Premji, Founder Chairman of Wipro on May 17. He also said that India Inc today is far more ethical than the one operating 20 years back.

“I find the younger generation people who have really made it big by the age of 30-40, are getting much more conscious about philanthropy,” Premji said at the CII Annual Business Summit 2024 held in New Delhi. He was speaking on the theme of collectively charting a path for India’s future as a developed economy in 2047.

“I think the generation previous to this generation, the very wealthy people probably gave much more to charity,” Premji said.

Premji pointed out that, unlike their more philanthropic predecessors, today's entrepreneurs live under the shadow of their father’s and grandfather’s legacy. “They find they don't have to increase the amount of giving, because the giving by the fathers was so much. So there's an automatic bias,” he explained.

Premji also added that he’s convinced corporates of today are more ethical than the corporates of 20-40 years back. “One is because governments are cleaner. Two is because they've got a sense of ethics, which is something which guides them,” he said.

The 78-year-old businessman drew parallels between contemporary practices and the historical misdeeds of entities like the East India Company. He highlighted that the deeds of the East India Company did not violate the legal framework of the day, but instead violated “basic values and norms of human dignity and human decency.”

He urged corporates to re-evaluate their role in society and prioritise collective welfare over narrow profit margins. He asked businesses to go beyond conventional corporate social responsibility frameworks and engage in dialogue to address societal needs.