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Social impact and social entrepreneurship were the focus
areas at the OP Jindal Memorial Lecture Series introduced by the Jindal Group
in Mumbai. The event was primarily aimed at drawing the attention of corporate
groups to increase their engagement in new forms of philanthropy for the
nation’s development. It is dedicated to exploring the nature of philanthropy,
current trends in philanthropy, and strategies to ensure efficient and
effective philanthropic practice.

‘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. 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,’ said Pierre Omidyar,
founder-chairman of eBay, while delivering the keynote address on next-generation philanthropy.

Omidyar told the high-profile gathering of corporate
captains that for any business to succeed, social impact is necessary. Citing
the example of brand Delite that sells solar lanterns in areas without power in India,
Omidyar said that philanthropy and profit are not mutually exclusive.

‘Yes, they are making money, and that’s precisely why they are making
social impact too,’ he said.

The discussion panel included 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.

‘Today’s approach to philanthropy is an entire generation’s
response to the needs of a complex and interdependent global community. A new
generation of philanthropists is finding fresh and innovative ways to contribute
to the causes they love,’ said Mahindra.

Defending his decision to give $10 million overseas to
Harvard, Mahindra said, ‘It was a personal donation as the institution had helped
me when I was a student. If I have to spend the company money, I will think
about how I will justify it to my shareholders.’