By Nikhil Kamath, Co-founder, True Beacon and Zerodha
- You’ve been named as the youngest philanthropist in the Hurun EdelGive list, what are your thoughts on that?
I do my part like everyone else. The concentration of wealth in a few hands is not sustainable. The pandemic has truly underscored the gravity of the situation. We all need to do our part to bring about a balance in this aspect.
- In terms of systemic changes, do you think there needs to be a change at policy level?
There are many changes that need to be implemented at a policy level to reverse the wealth disparity, which has become more evident since the pandemic. Introducing things like inheritance tax, property tax and taxing the wealthy in a more effective manner is the need of the hour. The growing wealth gap we witness today is a trend we should reverse, and taxation can be a very powerful tool in this aspect.
- At just 35, you’re the youngest on the EdelGive Hurun India Philanthropy List 2021. So, what are you planning to do next?
Another initiative I’d mention is the YIPP (Young India Philanthropic Pledge) which gives young entrepreneurs the opportunity to give back. The idea is to allocate funds towards building a think-tank for developing sustainable strategies aimed at poverty alleviation, refugee aid, disaster relief, women and girls’ empowerment and other similar causes. There will be a detailed financial reporting of the spend at the end of every year and the pledge will not include any political or religious causes.
- What motivates you to give back?
We don’t necessarily have to wait for a pandemic to give back. We’re working towards building a foundation that enables young entrepreneurs under the age of 45 years to pledge 25% of their wealth with a minimum spend of Rs 1 Crore per year and develop sustainable, long-term strategies so that we’re better prepared to handle unforeseen events like the pandemic. The disparity we see today is not healthy or sustainable and we should all make sure to do our bit.
(Economy India)
