New Delhi: A recent report by the World Inequality Lab shows that India has now become more unequal in terms of wealth concentration than during the British colonial period. The wealth today is getting increasingly concentrated in the hands of the top 1% of the population. Industry leaders will have to play a proactive role in narrowing this inequality, says US-based NRI industrialist Anil K Monga, who has been involved in several philanthropic initiatives in India for almost three decades. Monga is the CEO of Victory International (USA), a group of companies that has interest in manufacturing of luxury products, hotels and real estate businesses in the United States. In an interview with DH’s Gyanendra Keshri, Monga talks about the the role of industry leaders in bridging economic inequality. Edited excerpts:
Data by international agencies show widening economic inequality in India. What role industry leaders should play in bridging this inequality?
Of course, we need to create wealth for prosperity. But the way wealth is getting concentrated in the hands of a few is certainly not good and sustainable. If the inequality grows further it may lead to chaos and unrest. You can take the example of Latin America and Caribbean countries. No matter how much money you have left for your children, they are not going to be safe and happy if there is unrest in the country. So the industry leaders must come forward to work to reduce inequality. Partnering with NGOs and organisations that are working at the grassroots are the most effective way to work for the welfare of the marginalised.
Do you think India Inc is lagging behind in philanthropy when compared with their counterparts in the US and other western countries?
We have several examples of good philanthropic initiatives in India. In fact, charity and giving for the welfare of the poor and needy have been integral parts of India’s history and are deeply embedded in the country’s customs and traditions. However, industry leaders in India are certainly not doing enough. In the US, we have seen several industry leaders setting examples by committing to give the majority of their wealth to charitable causes. Take the example of Mark Zuckerberg, who is still less than 40 years of age, has pledged to give 99% of his wealth to charity. This kind of example at the top level of India Inc is very few. Certainly, industry leaders in India have a big role to play in bridging the inequality. They must increase spending on charitable causes.
What needs to be done to promote the culture of philanthropy or giving back to the society among the young entrepreneurs?
Giving back to society is our duty and responsibility. This needs to be taught from school. Several schools and universities in the US and other countries also have made this a part of their curriculum. For example, in a class students are divided in groups and given tasks to raise money for treatment of some needy people or some other social causes. Students get marks for the way they handle the initiative while the money goes to charity. So this needs to be taught from the school.
Could you share the philanthropic activities undertaken by you in India?
My charity work in India is mostly under Dream & Beauty Charitable Trust, which was founded in 1996. We work on multiple fronts from hunger alleviation to youth empowerment and livelihood support to the marginalised.