evidence: Private philanthropy grew 10% in FY 2023, to INR 1.2 lakh crore ($15 billion). This faster growth (vs. FY 2018–2023’s 5% annual growth) was driven by growth in family philanthropy (15%) and retail (12%). However, segments like corporate social responsibility (CSR) and high-net-worth individual (HNI)/affluent donations grew moderately at 7%, despite an expanding donor base. [...] "India’s social sector needs to focus on improvement in the quality of social spend, especially public spend. It’s also crucial to balance allocations across sectors by directing funds towards under-represented sectors and geographies while looking at solving for improving societal outcomes." [...] Driven by strong economic growth and a surge in Indian capital markets, overall giving from HNIs and affluent individuals grew by 7% to reach INR 26,000 crore in FY 2023. Over the next five years, the number of HNIs and affluent individuals is expected to grow to 1.7 million, representing a cumulative net worth of INR 460 lakh crore.