New Delhi, Mar 24 (IANS): India needs to significantly raise its social sector expenditure to improve on the social indicators and also meet the surging demand, said a recent report.

The 'India Philanthropy Report 2021' prepared by Dasra and Bain & Company also noted that philanthropy in India continues to grow. In fiscal year 2020, private-sector funding totalled about Rs 64,000 crore, nearly 23 per cent more than in fiscal year 2019.

Private-sector funding stems from four sources -- foreign, corporate, retail, and high-net-worth individuals (HNIs) or families. Foreign contributions account for a quarter of all funding.

Domestic corporation donations-also known as Corporate Social Responsibility (CSR) funding-account for 28 per cent of funding. Retail investors (lower than Rs 5 crore donations each) account for another 28 per cent.

Dasra, a strategic philanthropy foundation, recently organised the 12th (India) and the 1st Global Edition of its Dasra Philanthropy Week, the role of philanthropy in driving social impact in the wake of the Covid-19 pandemic.

Commenting during the event, Neera Nundy, Co-founder, Dasra, said: "Dasra's focus is on working with vulnerable communities that face disproportionate risk and are trapped in a socio-economic system that has deemed them largely invisible. To help uplift these communities and realise the potential of over a billion Indians, the first step is to champion diversity and build resilience."

"But to achieve this, family philanthropists, NGOs, foundations, corporates and governments will need to work together to regularly exchange knowledge and learnings, align on a shared vision, build a collective voice, and combine resources to invest in scalable, inclusive and sustainable solutions. Only then can we say, with our hand on our heart, that we are India, a nation of 'A Billion Thriving'."