Azim Premji finds philanthropy much more complex than running a business

Wipro founder Azim Premji on Thursday said that philanthropy is far more daunting a task as compared to running a business.

Speaking at an event in Chennai Premji said, "I have been particularly involved in philanthropy in the last one year and what I have realised is how more complex doing philanthropic initiatives is than running a business."

Talking about the nature of philanthropy, he added, "Issues are much more subtle, convictions are much more difficult to drive home and incentives to people are not in money but in recognising and appreciating their work in social service."

Also Read: Azim Premji commits Rs 1.45 lakh crore, 67 per cent stake in Wipro to philanthropy

Premji further stated that one needs to be much more patient and humble in giving back to society than in business.

"All of us have a duty to contribute to society. The practice of moral leadership will help us in this; it will also help us in business. We need to work together to develop the India that we have envisioned in our Constitution - an idea that is equitable, humane and sustainable," he articulated.

Also Read: Forbes India Rich list: Azim Premji drops from 2nd to 17th position after huge donation to charity

Premji had in March this year, announced that he had increased his commitment to philanthropy, by irrevocably renouncing more of his personal assets and earmarking them to the Endowment, which supports the Azim Premji Foundation's philanthropic activities.

He had earmarked 34% of Wipro shares worth Rs 52,750 crore ($7.5 billion) held by certain entities controlled by him for philanthropic activities, taking his total commitment to Rs 1.45 lakh crore. This placed Premji in the league of Bill Gates and George Soros.

Also Read: Azim Premji, promoter group firms sell shares worth Rs 7,300 cr in buyback; funds to be used for charitable works