sorry to butt in,
who is denigrating any efforts or individuals. you started the issue by using words like 'denigrating' 'glorius India' when there was none
I dont want this to degenerate into a slanging match, but here are the sections from the article..
About "inventing glory"...
Ratan Tata may be shy to point out to Bill Gates that ‘the Tata founders bequeathed most of their individual wealth to many trusts they created for the greater good of India and its people’. So is the case with G D Birla and Jamnalal Bajaj. This may not be trumpeted by Kumara Mangalam Birla and Rahul Bajaj
The point on GD Birla and Jamnalal Bajaj are patently wrong, as I have pointed out before...Their wealth was largely divvied up between various parts of the clan, with disputes continuing till date..Dont know what Rahul Bajaj has to say about the legacy, will he claim that the issue with Kushagra Bajaj was on philanthrophy?
About "denigrating" Buffet-Gates..
It is interesting that Bill Gates who has operations in Cayman islands and Reno of Nevada to minimise or evade taxes to be paid to the United States government is enthusiastic about “Giving by India Inc”. Warren Buffett is planning to give his dollar assets to the Gates foundation which will reduce estate taxes in the future. Interestingly both of them are some of the few US business barons supporting estate taxes. It is not clear who are their dinner guests in India. If it is Forbes billionaires from India we hope Shahid Balwa of the Spectrum fame is not going to be there!
One doesnt know what tax treatment Gates and Buffet are subject to (dont think anyone barring the prncipals themselves would!), but if these are not unsubstantiated snide allusions to ulterior motives, then I dont know what is..
Some more (from participants in the debate)..
This is a classical way in which the rich try to escape the estate tax in west so that they can bequeath their wealth to children.
Many of the trusts are for that exquisite purpose. Some do gooders will give the money to charity but make sure the control must remain with them and their children
Just so that the facts are clear, the rich do not have to set up "charitable" trusts in order to create tax-efficient legacies for children...there are enough private bankers around the world who do precisely that, no veneer of "charity" required...Why go outside, just ask Rahul Bajaj
Many of the trust in US are set up for tax benefits. and because there is an estate tax
If you have a POV, thats fine...There is some data that I have posted (Bain) - the numbers are quite stark..If you dont want to believe the data, thats your prerogative..State your reasons and lets move on...
From my perspective, the issue (especially) about Gates and Buffet is this - they are first generation entrepreneurs generating a fabuous amount of wealth, and are giving away bulk of that for a larger cause - its a model worth emulating, at least for me..And if they evangelise, more power to them, no need to denigrate the effort...