Let Them Eat Philanthropy: Piramal’s Divine Economic Paradox

Published on 18th July, 2025 (GMT 15:50 hrs)

Abstract

This paper offers a critical, self-reflective interrogation of the intertwined narratives of corporate philanthropy, regressive taxation, and public disenfranchisement in contemporary India, with a particular focus on the Piramal Group. Juxtaposing India’s rising indirect tax burdens on the middle class with corporate tax minimization strategies, the essay exposes the paradox of ‘development’ that privatizes profit while socializing environmental and health costs. Using a blend of sarcasm, literary parody, and empirical data—ranging from GST fluctuations to the crumbling public healthcare system—it deconstructs how ‘philanthropic’ giants like Ajay Piramal reap tax benefits, wield influence through electoral funding, and contribute minimally to actual public welfare, while projecting moral superiority through CSR and token charity. The work situates this critique within broader discourses on crony capitalism, Gandhi’s misappropriated trusteeship, and the Summers Memo logic of “let them eat pollution.” This analysis ultimately questions the ethical legitimacy of corporate altruism in a system rigged for profiteering, illustrating how the economic policies of the last decade have systematically eroded public goods in favour of oligarchic consolidation.

“O Friends, Investors, Lenders — Lend Me Your Faith!”

A Parody in the Shadow of Trusteeship, CSR, and the Dole: A Tribute to philanthropist, Paramavaiṣṇava Mr. Ajay Piramal Esquire, CBE.

O friends, investors, lenders — lend me your faith!
I come to praise the philanthropists, not to expose them.
The good that men do is often PowerPointed;
Their wrongs buried in footnotes and CSR reports.
So let it be with Ajay — the noble Ajay!

He was a Vaishnava, gentle, austere, award-winning —
A saint by LinkedIn, a sage in Davos.
He bought DHFL not for profit, nay —
But to rescue the poor from their own poverty!
And if depositors lost their life savings,
It was not betrayal, but divine haircuts in karmic accounting.

Ajay is an honorable man!
And honorable men do not manipulate electoral bonds.
If ₹85 crore flowed to the ruling party,
It was only to ensure a stable democracy,
Where trust trickles down and truth is corporatized.

They say he looted small investors.
They are grievously mistaken.
Was it loot to buy Flashnet shares
At a hundred-thousand-percent premium from a Union Minister’s firm?
No, friends, it was strategic nation-building,
As only honorable billionaires can envision.

But he is a philanthropist — is he not?
He builds toilets, plants trees, teaches coding to rural children,
All from the interest earned on others’ unpaid fixed deposits!
His heart bleeds in clean graphics — his soul certified by Deloitte.

Yet some would say: “This is hypocrisy!”
That philanthropy is a band-aid on bullet wounds —
That CSR is a masquerade ball where capital waltzes with cruelty.
But I am not here to speak ill —
Only to observe how charity has become a tax-saving yoga
While Gandhi’s trusteeship lies in archival hospice.

O citizens, what dreams we are sold!
Doles for votes, CSR for awards, poverty for spectacle.
They give 2% back,
Having taken 98% from labour, land, law, and silence.

Yet still, they are honorable men!
They say the poor must wait —
Wait while debt funds their dignity
And banks write off billions with holy efficiency.

And you, good citizens —
You clap when he donates,
But cry alone when your deposits vanish.
And still, you call him a Messiah of Change!

O gentle friends, my heart weeps with irony,
To think that justice has become a press release,
And truth outsourced to PR firms.

Let us not mourn, but marvel —
At how Crony Capitalism wears the robes of Dharma,
How charity perfumes the stench of betrayal.

Let us gather, not in rage but ritual,
To light candles beneath banners that read:
“Philanthropist by Day, Crony by Deed.”
To whisper at podiums:
“Trusteeship is not a toolkit, nor justice a JPEG.”

Cry not, friends —
Smile politely, and sign the next memorandum.
And remember:
They are all honorable men.

I. THE BACKGROUND: TAXATION OF TAX

I sit here, seething, not just bewildered but furious. I—a middle-class citizen, perpetually taxed, perpetually gaslighted—find myself burdened with an absurd 18% GST on my health insurance premiums. Health! A basic need, taxed as if it were luxury perfume or gambling chips. I glance towards government hospitals—not as an option, but as a nightmare. Because I know the truth: I will never get a hospital bed there when I need it.

Let’s talk numbers—since they love numbers. India’s public healthcare infrastructure is a global embarrassment:

Only 5.3 government hospital beds per 10,000 population, according to the National Health Profile.
The WHO recommends at least 30 beds per 10,000; we are at barely one-sixth of that.
China: 43 beds per 10,000; Russia: 80+ beds per 10,000; even Sri Lanka offers 13 beds per 10,000.
Government health expenditure? A dismal 1.28% of GDP, far below the global average of 6%.

Yet, I am forced to go to private hospitals, overpay for insurance, and still face 18% GST. Why? Because the state has systematically withdrawn from public welfare while doubling down on extracting taxes from the common citizen. However, why should I, a member of a sick society, go to hospital?

Development or Decay: My Docile Body, Your Profit

O modern prosperity, thy name is sickness. While corporate chieftains feast on subsidies and electoral indulgences, I, a mere citizen, breathe in the residual fumes of their ‘development.’

“Let them eat pollution,” once whispered by imperial advisors like Summers, has been adopted wholesale by India’s corporate-modern state. The same ‘development’ that drenches my lungs with chemical vapours promises me progress through glossy brochures.

The Grim Health Reality:

Per Capita Public Health Expenditure (India, 2022): ₹2,014 per annum — among the lowest in G20.
Hospital Beds (India, 2023): 5 beds per 10,000 population, compared to OECD average of 47 beds/10,000.
Government Hospital Beds Sold/Privatised Since 2014: Approx. 1.5 lakh public beds lost through PPP models and closures.

Chemical Food Chains:

Pesticides and fertilizers imported post-WWII are now my daily bread.
India remains one of the largest consumers of highly hazardous pesticides (HHP).
Over 60% of vegetables in urban India tested positive for pesticide residues beyond safety norms.

‘Well-Being’ under Siege:

World Happiness Index (2024): India ranked 126th out of 146 countries.
Air pollution responsible for 2.3 million deaths per year (Lancet 2023).
Increasing cancer rates in ‘growth corridors’ like Gujarat, Maharashtra, Andhra Pradesh.

Development thus comes wrapped in debt and poison—debt to international financiers, and poison on my plate, seeping into my skin and in my breath. The GST on my health insurance is 18%, the tax on my breath is unpaid, but the toll is collected through hospitals I cannot afford and medicines I cannot trust.

Since 2014, public properties—my properties, our collective properties—have been auctioned like ancestral heirlooms by a cash-strapped state. Here’s just a glimpse of the daylight plunder:

Year	Key Public Asset Sales (Examples)	Amount Raised (₹ Crore)
2014-15	Coal India stake sale	22,500
2015-16	Indian Oil, NTPC shares	25,000
2016-17	GIC Re, Container Corporation	46,246
2017-18	HPCL, Rural Electrification Corp	1,00,056
2018-19	REC to PFC, NEEPCO	84,972
2019-20	BPCL (announced), Air India prep	69,412
2020-21	LIC IPO plan initiated	~1,00,000 (projected)
2021-23	Airports privatization, Shipping Corp	80,000+
Total since 2014	Core PSUs, public services, strategic sectors	Over ₹4 lakh crore

Simultaneously, the government is sucking me dry through direct taxes, indirect taxes, GST, cess, Tole tax, and a thousand other stealthy levies, while big corporates enjoy tax holidays, “incentive packages,” and spectacularly low Effective Tax Rates.

Why should I bear the burden? Why should I pay more than billionaires who route their income through corporate vehicles and trusts? Why am I taxed on my meagre survival when the super-rich are glorified for “philanthropy” after looting through electoral bonds and asset takeovers?

This is not a tax system; it’s a financial caste system.

I. A. Individual Tax vs. Corporate Tax in India (FY 2024–25)

India follows a dual system of taxation, where individuals-as-citizens are taxed based on progressive slab rates, while companies are taxed at flat rates. Individual tax focuses on income earned by residents and non-residents, whereas corporate tax applies to domestic and foreign companies operating in India. The table below provides a detailed comparison:

Aspect	Individual Tax	Corporate Tax
Applicable To	Resident & non-resident individuals (salaried, professionals, freelancers)	Domestic & foreign companies operating in India
Tax Rates	Progressive (New Regime): – ₹0–3 lakh: 0% – ₹3–6 lakh: 5% – ₹6–9 lakh: 10% – ₹9–12 lakh: 15% – ₹12–15 lakh: 20% – Above ₹15 lakh: 30%	Flat: – Domestic Company: 22% (no exemptions) / 25% (with exemptions) – New Manufacturing Co.: 15% – Foreign Company: 40%
Surcharge	10% to 37% (income above ₹50 lakh; highest for >₹5 crore)	7% (if >₹1 crore) or 12% (if >₹10 crore) for domestic companies; higher for foreign companies
Health & Education Cess	4% on tax	4% on tax
Exemptions / Deductions	Old regime allows multiple deductions (80C, 80D, etc.); New regime minimal	Minimal deductions under 22% or 15% rate; higher deductions under 25%-30% regime
Advance Tax	Payable if liability >₹10,000	Mandatory, in 4 installments
Filing of Returns	ITR-1 to ITR-4	ITR-6 (companies), ITR-7 (charitable companies)
Audit Requirement	Mandatory if turnover >₹1 crore (business) or >₹50 lakh (profession)	Statutory Audit under Companies Act + Tax Audit under IT Act
Dividend Taxation	Dividends taxed in hands of individuals as per slab rates	No Dividend Distribution Tax (DDT); dividends taxed in shareholder’s hands
MAT (Minimum Alternate Tax)	Not applicable	MAT @15% on book profits (except for companies under 115BAA/115BAB)

Although individual and corporate tax rates may appear comparable, their effective tax burdens differ significantly. Individuals face steep progressive rates with surcharges, whereas companies enjoy flat rates and multiple avenues to reduce their Effective Tax Rate (ETR). The tables below highlights the broad structural differences.

Category	Tax Rate (approx.)	Notes
Individual (highest slab)	30% + surcharge + cess (effective ~42.74%)	For taxable income >₹5 crore; very high marginal rates
Corporate (domestic)	22% + 10% surcharge + 4% cess (effective ~25.17%)	Section 115BAA (no exemptions)
Corporate (manufacturing)	15% + cess (effective ~17%)	New manufacturing units under 115BAB
Corporate (with incentives)	15%–25%	SEZ benefits, R&D deductions, CSR-related write-offs lower effective burden
Capital Gains (individual)	Long-term: 10%–20% ; Short-term: up to 30%	LTCG threshold exemptions apply

Taxpayer Category	Nominal Tax Rate	Effective Tax Rate	Notes
Individual (Highest Slab)	30% + surcharge + cess (up to ~42.74%)	~35%-42%	High burden on individuals earning ₹5 crore+, post cess and surcharge
Corporate (Domestic)	22% + surcharge + cess (~25.17%)	~22%-25%	Lower effective rates under Section 115BAA; 15% for new manufacturers
Capital Gains (Individual)	10%-20% (long-term), 30% (short-term)	Variable	Limited exemptions, LTCG threshold applies
Dividend Income (Individual)	Taxed at slab rates post-2020	Can rise up to ~42%	Post-DDT removal, dividends taxed in individual hands
Corporate Political Donations	100% tax-exempt under Electoral Bonds	0%	No cap, no transparency post amendments
CSR Expenditure	Not deductible	Incurred as compliance	Under Section 135 of Companies Act; not reducing taxable profits

I.B. Why Corporates Pay Less Tax in Practice?

Effective Rate Gap: Despite the statutory rates, corporate effective tax rates (ETR) are often significantly lower due to deductions, exemptions, and creative accounting.
Income Structuring: Promoters use corporate vehicles, trusts, and shell companies to route personal income as corporate income to avoid high individual tax slabs.
CSR and Political Funding: CSR spend is not tax-deductible, but other mechanisms like political donations via Electoral Bonds are fully tax-exempt.
Dividend Taxation Shift: Previously, companies paid Dividend Distribution Tax (DDT), now dividends are taxed in the hands of individuals, shifting burden back to individuals.

Despite the statutory tax rates, corporates often pay a lower effective tax rate compared to high-earning individuals. This is due to strategic tax planning, exemptions, and regulatory loopholes. Other associated reasons are given as follows:

Reason	Explanation
Effective Rate Gap	Companies reduce their Effective Tax Rate (ETR) through deductions, exemptions, and creative accounting.
Income Structuring	Promoters route personal income as corporate income to avoid high individual tax slabs.
CSR & Political Funding	Political donations via Electoral Bonds are fully tax-exempt, though CSR spend itself is not deductible.
Dividend Taxation Shift	Abolition of DDT shifted tax burden to individual shareholders, increasing individual tax liability.

This resembles France’s ancien régime, where an unequal taxation system imposed significant burdens on the Third Estate (commoners), allowing the clergy and nobility to enjoy numerous privileges. Yes, that was one of the preponderant factors leading up to the revolution. Remember, Remember…

I. C. GST: Economic Logic and Its State of Flux

CSR functions as corporate armor. This analysis underscores the need for nuanced academic inquiry into CSR as both a tool of corporate responsibility and a strategy of power consolidation in modern India. The parallel comparison of corporate versus individual taxation further highlights systemic disparities within the political economy. he business, pursuing systemic impact while fulfilling regulatory mandates.

(i) Economic Logic of GST: For Whom and For What?

Goods and Services Tax (GST) was introduced as a unified, consumption-based indirect tax to simplify India’s complex web of state and central taxes. The stated objectives:

One Nation, One Tax: Replace multiple taxes like VAT, excise duty, service tax, octroi.
Avoid Cascading: Remove “tax on tax” by providing input tax credit across the supply chain.
Improve Tax Compliance: Formalize the informal economy via digitization (GSTN).
Enhance Revenues: Broaden the tax base by taxing consumption.
Encourage Cooperative Federalism: Centralized design with state participation (GST Council).

Reality Check:
While corporations often benefit from seamless credit and lower tax incidence, middle-class citizens like me bear GST on essentials—insurance, medicines, electricity, telecom—without equivalent social protections.

(ii) Timeline: GST

Year	GST Milestones	Description
2000	GST Idea Floated	Vajpayee government first proposes GST via an empowered committee of state FMs.
2014-2016	GST Revival	Modi govt revives GST promise; Constitution (101st Amendment) Bill passed.
2017 (July 1)	GST Rollout	Single tax regime launched; 5-tier tax slabs (0%, 5%, 12%, 18%, 28%) with cess on luxury/sin goods.
2018	Rate Rationalisation Begins	GST Council reduces rates on ~200 items amid public backlash. Middle-class goods (e.g., appliances) moved from 28% to 18%.
2019	GST Collections Underperform	Centre delays state compensation; shortfall triggers friction between Centre and States.
2020 (COVID)	Compensation Crisis	Pandemic exposes GST fragility. States denied full compensation; indirect tax dependence on essentials (petrol excluded from GST).
2021	GST on Essentials Raised	Textiles, footwear, insurance continue at 12-18%; essentials of life taxed while corporates enjoy input credit and refunds.
2022	Rate Hikes on Daily Consumption	GST Council raises taxes on packaged food (milk, pulses, rice), hospital rooms (>₹5000/day) to 5-18%, provoking outrage.
2023	Litigation and Protests	Multiple court cases on GST on insurance, pensions; states protest Centre’s dominance in GST Council.
2024	Political Reversals	Pre-election rate reductions announced; key corporates lobbying for continued tax refunds; middle-class remains burdened.
2025 (Present)	High GST on Health & Education	Middle-class essentials taxed at 18%, while tax credits primarily benefit businesses; debates on “GST injustice” intensify.

(iii) A Tax Designed for Simplicity, Weaponized for Inequality

Corporates → Get seamless input credit, export refunds, lower compliance cost.
States → Lose fiscal autonomy, become dependent on compensation cess.
Middle Class → Pay 18% GST on insurance, education, healthcare, while struggling with shrinking public services.

(iv) Changing GST Rates for Same Commodities

Commodity	Initial Rate (2017)	Changes	Current Rate (2025)
Packaged Food	0%/5%	2022: Flat 5%	5%
Household Appliances	28%	2018: 18%	18%
Sanitary Napkins	12%	2018: 0% after protests	0%
Health Insurance	18%	No change	18%
Hospital Rooms (Non-ICU)	0%	2022: 5% (>₹5000/day)	5%
Mobile Phones	12%	2020: Raised to 18%	18%
Textiles & Footwear (<₹1000)	5%	Proposed 12% (rollback)	5%
Lottery	12%-28%	Unified at 28% (2018)	28%
Hotel Rooms (₹1000–7500)	18%-28%	Reduced to 12%-18%	12%-18%

Middle-class essentials have faced creeping taxation while corporate sectors enjoy input credit and refund benefits. The GST regime started as a simplification project but evolved into a fiscal balancing act heavily leaning on the consumption capacity of the middle-class citizen, that too with arbitrary allotments of tax rate from one time to another.

In India’s tax architecture:

Middle-class individuals bear a higher effective tax burden.
Ultra-rich individuals use corporate entities to shield wealth from high individual tax rates.
Corporations, especially large conglomerates like Piramal Group, optimize tax liabilities and enjoy lower effective taxation.

Let us now move to domain of (II) Corporate Social Responsibility (CSR) in India and (III) CSR in reference to the Piramal Group:

II. CORPORATE SOCIAL RESPONSIBILITY (CSR)

In India, Corporate Social Responsibility (CSR) is a framework that requires certain companies to invest a portion of their profits in social and environmental initiatives. It’s a legal mandate under the Companies Act, 2013, specifically Section 135, and goes beyond traditional philanthropy. These companies must allocate funds towards activities that benefit society and the environment, contributing seemingly to what is usually referred to as “sustainable development”. However, are the words “sustainable” and “corporate” commensurate in any manner?

Key Aspects of CSR in India are highlighted below:

Mandatory Provision:The Companies Act, 2013, makes CSR a mandatory requirement for companies meeting specific financial criteria (net worth, turnover, or net profit).
Funding and Grants: CSR is the process through which companies provide financial and other support to non-profit organizations (NGOs) and other entities engaged in social and environmental activities.
Beyond Profit:CSR emphasizes that companies should consider the social and environmental impact of their operations, integrating these concerns into their business strategies.
Schedule VII of the Companies Act:This schedule lists the specific activities that companies can undertake as part of their CSR initiatives, including areas like poverty eradication, education, healthcare, and environmental sustainability.
Commitment to Sustainability:CSR in India is a commitment by businesses to contribute to sustainable economic development by working with stakeholders to improve their quality of life. Oxymoron?
Compliance and Reporting:Companies are required to report on their CSR spending and activities, ensuring transparency and accountability.

In essence, CSR in India is a mechanism for companies to contribute to the nation’s social and environmental well-being, moving beyond purely profit-driven objectives.

II. A. Relationship: CSR and Income Tax in India

Corporate Social Responsibility (CSR) in India is a statutory obligation rather than a tax-saving tool. Introduced under the Companies Act, 2013, CSR ensures companies contribute to social development. However, CSR expenses are generally not tax-deductible, except for specific approved contributions.

In India, Corporate Social Responsibility (CSR) and Income Tax have a regulatory connection but with important limitations. Here’s a breakdown of their relationship:

(i) CSR Mandate (Companies Act, 2013):

Under Section 135 of the Companies Act, 2013, companies meeting certain thresholds must mandatorily spend 2% of their average net profits (of the last 3 years) on CSR activities.
Applicability criteria (any one of the following):
- Turnover > ₹1,000 crore, or
- Net worth > ₹500 crore, or
- Net profit > ₹5 crore.

(ii) Income Tax Treatment of CSR Expenditure:

CSR expenses are NOT allowed as business expenditure under Section 37(1) of the Income Tax Act, 1961.
- Explanation 2 to Section 37 clarifies that CSR expenses incurred under Section 135 of the Companies Act shall not be deemed as business expenditure.
Why? Because CSR is a statutory obligation, not a voluntary business expense aimed at generating profit.

(iii) Deductions Possible in Certain Cases:

Some specific CSR activities are eligible for deduction under other sections of the Income Tax Act, like:
- Section 80G: Donations to approved charitable institutions (like PM CARES Fund) are eligible for deduction.
- Section 35: Contributions to certain research or scientific institutions can be deductible.
- Section 80GGA: Donations for rural development or scientific research (subject to conditions).
Important Distinction: These deductions are allowed because they are not considered CSR expenses per se but eligible contributions.

Aspect	Details
Legal Mandate	CSR mandated under Section 135 of Companies Act, 2013 for companies with: Net worth ≥₹500 crore, or Turnover ≥₹1,000 crore, or Net profit ≥₹5 crore
Minimum Spend	At least 2% of average net profits (past 3 years) on CSR activities
Tax Treatment	CSR expenditure is NOT treated as business expenditure under Section 37(1) of the IT Act → No tax deduction
Specific Deductions	Some CSR-related spends qualify separately, e.g.: – Contribution to PMNRF, PM CARES Fund (100% deduction under Section 80G) – Rural development, scientific research (if qualifying under respective sections)
Policy Rationale	Prevents companies from disguising mandatory CSR spending as tax-saving investment tool.

CSR spending increases the total effective outflow for private companies since it is compulsory but not tax-deductible. Companies can optimize their CSR strategy by choosing eligible activities that also qualify for specific tax deductions.

CSR: An Orwellian Doublespeak?

In the final reckoning, what parades in glossy reports as Corporate Social Responsibility (CSR) increasingly resembles an Orwellian doublespeak—where exploitation masquerades as empathy, extraction is recast as empowerment, and private profiteering is whitewashed with the rhetoric of nation-building. The case of the Piramal Group, dissected through this analysis, lays bare how ‘philanthropy’ operates as a performative spectacle, strategically aligned to sustain political access, regulatory leniency, and public relations camouflage, while the underlying socio-economic structures remain deeply unequal.

In a society where the middle class is saddled with rising indirect taxes, deteriorating public health infrastructure, and the toxic residue of debt-fuelled ‘development,’ CSR becomes less about social responsibility and more about reputational insurance. It serves as a cynical counterweight to corporate malfeasance—be it environmental degradation, financial manipulations, or political patronage—dulling public scrutiny by offering symbolic gestures while leaving systemic inequities untouched.

As the state retreats from welfare, selling public assets and over-taxing common citizens, corporate conglomerates like Piramal Group project themselves as benevolent trustees, even as their wealth is built upon the crumbling scaffolds of public services. This is not a social contract—it is a social betrayal, legitimized by Orwellian language that turns responsibility into spectacle and solidarity into a brand exercise.

In this bleak theatre of modern capitalism, CSR does not repair what is broken—it distracts from who is breaking it.

Let us now swatch over to noted philanthropist, Paramavaiṣṇava Mr. Ajay Piramal Esquire, CBE. the corporate beneficiary of a tax regime designed to burden the masses and liberate capital.

This is a post-liberalization critique of Indian crony capitalism: philanthropy as corporate armor against public scrutiny of power abuse.

III. I COME TO PRAISE A NOTED PHILANTHROPIST, PARAMAVAIṢṆAVA MR. AJAY PIRAMAL ESQUIRE, CBE

III.A. Piramal Foundation — CSR in Action

The Piramal Foundation is a classic example of a corporate social responsibility (CSR) arm of a major Indian business group — Piramal Group.

Key Features of Piramal Foundation’s CSR Work:

Area	Initiatives
Healthcare	Piramal Swasthya: Provides free telemedicine services and primary healthcare in rural India.
Education	Piramal School of Leadership, District Transformation Program: Works to improve school leadership, learning outcomes in rural schools.
Water and Sanitation	Piramal Sarvajal: Provides clean drinking water through innovative solar-powered water ATMs.
Women Empowerment	Skill development and livelihood programs for rural women.
Disaster Response	Active participation in COVID-19 relief, providing oxygen concentrators, health supplies, etc.

Piramal Foundation’s COVID-19 Relief Efforts

Piramal Pharma: No Vaccine Manufacture, but Critical Support

Piramal Pharma did not develop or manufacture a COVID-19 vaccine; vaccine production in India was led by companies like Serum Institute, Bharat Biotech, and Zydus Cadila Wikipedia+15Forbes India+15The Times of India+15 Reddit+4Wikipedia+4Reddit+4.
However, as a significant pharmaceutical contract manufacturer (CDMO), Piramal Pharma likely contributed to manufacturing of diagnostics, oxygen concentrators, anesthetics, and other essential hospital drugs—though no specific public disclosures confirm vaccine doses produced by them.

a. ₹100 Crore Investment in Rural & Tribal Health

In May 2021, Piramal Foundation committed ₹100 crore—to partner with NITI Aayog and support COVID-19 relief in 112 Aspirational Districts (including tribal districts) Piramal Foundation+9Piramal Foundation+9Business Today+9.
This included:
- 100 COVID Care Centres, each 30-bed capacity with essential medical equipment and oxygen.
- Home care support for up to 2 million rural and tribal patients, to ease the burden on public hospitals.

b. Piramal Sewa & Tribal Health Collaborative (“Anamaya”)

Piramal Sewa, aligned with the ethos of “sewa” (service), operated under the broader Piramal Academy of Sewa and facilitated COVID relief volunteer mobilization across districts Business Today+2Forbes India+2Piramal Foundation+2 Piramal Foundation+1Business Today+1 Piramal Group.
The Anamaya Tribal Health Collaborative (within the Piramal Foundation) focused on improved healthcare in 100+ tribal districts, integrating COVID measures with chronic health issues (e.g. TB, maternal care). During the pandemic, Anamaya:
- Led “Aashwasan” campaign (early 2022): reached 1.6 million people across 49+ tribal districts to overcome vaccine hesitancy and TB screening Forbes India+10Piramal Foundation+10Piramal Group+10.
- Collaborated with MoHFW, Ministry of Tribal Affairs, USAID, Gates Foundation, and Johns Hopkins .

c. Tele-Helplines and Outreach

Through Piramal Swasthya, the Foundation operated 104 and 1097 helplines, telemedicine, and mobile medical units—scaling to 39.5 million helpline users, 430,000 telemedicine beneficiaries, and 1.87 million via medical vans over 16 years Wikipedia+2Piramal Group+2Wikipedia+2.
These services were crucial during COVID to provide remote health counseling, CIS protocols, and referrals.

d. Vaccine Awareness Campaigns

The “Aashwasan” and “Vardaan” campaigns specifically targeted vaccine hesitancy, leveraging community influencers, tribal healers, and local volunteers to reach and reassure rural communities—covering:
- 10 lakh tribal people in 49 districts (Aashwasan) Reddit+5Piramal Foundation+5Piramal Group+5.
- 4 lakh tribal individuals via Vardaan initiative across six districts .
- Over 22,000 frontline healthcare workers trained in vaccine promotion .
Dr. Swati Piramal personally emphasized building trust, addressing myths, and focusing on the five Cs of vaccine hesitancy: Piramal Foundation.

Entity	Key COVID Response Activities
Piramal Pharma	No vaccine production; possible CDMO support for diagnostics and treatment
Piramal Foundation	₹100 Cr rural/tribal COVID infrastructure 100 Care Centres, Home Care for 20 lakh Tele-helplines & mobile units Vaccine awareness in 49–100 tribal districts via Anamaya campaigns

Piramal Pharma did not manufacture COVID vaccines, but its generator role as a CDMO likely supported vital healthcare supply chains.

Piramal Foundation, however, orchestrated large-scale public health interventions—from clinically equipped care centres to vaccine awareness drives—focusing primarily on rural and tribal communities.

This dual engagement underlines the Foundation’s pivotal position in delivering on-ground pandemic relief, blending medical infrastructure with community-building and health awareness.

O Captain My Captain: A Toast to Crony Altruism

Let us rise in thunderous applause for the grand architect of Corporate Nation-Building, Ajay Piramal, who has perfected the noble art of giving with one hand while… investing politically with the other.

Behold, his valiant ₹25 crore contribution to PM CARES—a fund so transparent that even light cannot pass through it. In the dark hours of COVID-19, the Piramal Foundation gallantly donated this sum, fulfilling the sacred corporate ritual of 2% CSR, like true karma yogis of capitalism.

But Piramal’s devotion didn’t end there. A staggering ₹85 crore followed—channelled into Electoral Bonds—from three of his philanthropic vessels:

Piramal Enterprise: ₹25 crore
Piramal Capital & Housing Finance: ₹10 crore
PHL Finvest: ₹40 crore
(Plus a mysterious ₹10 crore more from another benefactor-entity, lest generosity be underestimated.)

How elegantly he straddled both service and strategy, with PM CARES as the charitable gesture and BJP as the grateful recipient of opaque electoral nourishment.

Let us not call this bribery. Let us call it Electoral Yoga—where karma meets capital.

And remember, PM CARES, while not government per se, is also government enough to receive CSR funds—but not enough to be audited or questioned. What divine paradox! Even Schrödinger’s cat couldn’t survive this duality.

One cannot help but admire how Piramal’s donations are:

Philanthropic (CSR) when needed.
Political (non-CSR) when power must be pleased.

Is this not the true dharma of the boardroom sage?

In the end, the so-called “social welfare” initiatives by corporate tycoons worldwide often amount to little more than superficial displays, lacking any genuine substance or rooted impact.

He gives.
He gains.
He governs from behind the curtain.
Ajay Piramal—Vishnu of Value Creation, Lakshmi’s loyal priest, and a silent sutradhar in the theatre of electoral democracy. Sigh! What a sorry state….what a tragic state!

This highlights a dual engagement:

Channel	Amount	Nature
PM CARES	₹25 crore	COVID‑19 relief
BJP (Electoral Bonds)	₹85 crore	Political funding

Note that one cannot know anything about PM CARES through RTI. It remains transparently opaque!

Link to Income Tax Treatment:

CSR Spending: The funds used by Piramal Group through its foundation count towards its mandatory 2% CSR obligation under Section 135 of the Companies Act.
Tax Deduction:
- General CSR expenses (like Swasthya and Sarvajal) are not tax-deductible under Section 37(1).
- Donations to approved entities, like certain government relief funds, may qualify for tax deductions under Section 80G.
Example:
- Donation to PM CARES Fund via the Foundation = 100% tax deductible (under 80G).
- Funding a village school under CSR = No deduction under Income Tax Act, though it fulfills the CSR mandate.

“Showcasing strategic CSR” (Ostentatious Display?) in the context of Piramal Foundation and similar organizations:

Meaning of “Strategic CSR”

Strategic CSR refers to Corporate Social Responsibility initiatives that are:

Aligned with the company’s core competencies, values, or long-term objectives;
Designed for sustained impact, rather than one-time donations;
Integrated with broader national or developmental goals (such as health, education, water access, and sustainability);
Often structured to create both social impact and long-term brand or business value.

It is distinct from philanthropy or ad-hoc charity, focusing instead on programmatic, measurable, and long-term interventions.

How Piramal Foundation Demonstrates Strategic CSR:

1. Focus on Systemic Change, Not Just Charity

Piramal Foundation runs large-scale programs like:
- Piramal Swasthya (rural healthcare via telemedicine),
- Piramal Sarvajal (safe drinking water solutions),
- Piramal School of Leadership (improving educational outcomes),
  which are structured programs designed to improve government service delivery systems, not just distribute charity.

2. Alignment with National Development Goals

Focus areas like healthcare, education, water, and gender equity align with:
- Sustainable Development Goals (SDGs),
- Government of India initiatives like Swachh Bharat, National Health Mission, Digital India, and Skill India.

3. Leverages Internal Expertise

The Piramal Group uses its management, healthcare, and financial services expertise to design scalable, data-driven interventions, showing a synergy between their business strengths and CSR programs.

4. Impact-Oriented Partnerships

Collaborates with government agencies, NITI Aayog, and other development partners to ensure policy-level influence and sustainability of interventions.

5. Long-Term, Measurable Impact

CSR projects are monitored, evaluated, and publicly reported, which enhances accountability and effectiveness—hallmarks of strategic CSR.

Piramal Foundation showcases strategic CSR aligned with nation-building goals, while navigating the Income Tax restrictions on CSR deductibility — a common approach among responsible corporates in India.

Piramal Foundation doesn’t treat CSR as just compliance or reputation-building; it embeds social good into the operational DNA of the business, pursuing systemic impact while fulfilling regulatory mandates.

This is why Bill Gates honored Ajay Piramal:

This is why Hon. President of India discussed with Piramal couple regarding the importance of philanthropy in India:

Ajay Piramal and Dr Swati Piramal meet Draupadi Murmu; Discussed initiatives taken by Piramal Foundation VIEW HERE ⤡ (As reported on Mar 25, 2023 ©Business Today) )

Meeting Overview

On 24 March 2023, Ajay Piramal (Chairman) and Dr. Swati Piramal (Vice Chairperson) of the Piramal Group met with President Draupadi Murmu at Rashtrapati Bhavan. They presented her with the foundation’s book “Doing Well & Doing Good”, showcasing its key social initiatives Wikipedia+10Business Today+10The CSR Journal+10.

Key Initiatives Highlighted

Programme	Focus & Impact
Tribal Health Collaborative (Anamaya)	Aimed at eliminating TB, reducing maternal & neonatal mortality, integrating traditional tribal medicine, and preserving tribal arts and culture indiacsr.in+2Business Today+2The CSR Journal+2.
Aspirational Districts Collaborative	Targets 100 million underserved people across 112 districts by 2030 via hyper-local collaboration—focusing on literacy, anemia screening/treatment, and water management .
Piramal School of Leadership	Develops future leaders in education, health, and climate sustainability .
Digital Bharat Collaborative	Builds digital infrastructure to enhance healthcare delivery across India .
Water Conservation & Ayushman Bharat Projects	Featured through clean-water initiatives and national health programme alignment .

President’s Response & Foundation Reach

President Murmu praised the broad impact, noting that these efforts have touched over 113 million people across 27 states and 2 Union Territories The Times of India+5Business Today+5indiacsr.in+5.
The Foundation’s vision aligns with India’s 2030 Sustainable Development Goals, working through partnerships with central/state governments, NGOs, academia, and global institutions Wikipedia+4indiacsr.in+4The CSR Journal+4.

It is beyond doubt that Mr. Piramal Esq. CBE is a honorable man, a true Vaisnava and philanthropist. We must admit untainted worth of Piramalji’s character and personality that take inspiration from his Holiness, Sri Radhanath Swami⤡ ⤡.

We must bestow our sympathy to him as he, a renowned figure is attacked by many competitors and victims of DHFL Scam.

Even he faced ransomware’s cyber-attack on the Piramal Group’s cyber-repertories,

IV. PHILANTHROPIST PIRAMAL? LOL! IS IT SO? REALLY? A COMPREHENSIVE CASE STUDY

Crony Capitalism with a Philanthropic Mask?

Before going into this section, take a look at the following… just for some harmless fun:

This section critically examines the contradictory public persona and corporate practices of Ajay Piramal. Drawing upon allegations of financial irregularities, political patronage, and environmental negligence, juxtaposed with his lauded philanthropic initiatives, this case study interrogates the ethical and political dimensions of corporate social responsibility (CSR) in contemporary India. It situates Piramal’s practices within the broader framework of crony capitalism, exploring how philanthropic narratives function as strategic instruments of power consolidation, reputation management, and regulatory evasion. Furthermore, it interrogates the ethical paradoxes between Piramal’s religiously informed public identity as a Vaishnava and the capitalist imperatives driving his business empire.

In relation to the above, view the following:

The above article presents a brief portrayal of Ajay Piramal, juxtaposing his typically lauded “philanthropic” (CSR) efforts through the Piramal Foundation’s initiatives with a myriad of serious allegations suggesting misuse of influence and finances. Critics sometimes assert/allege that he orchestrated a questionable purchase of DHFL through a dubious IBC resolution process, which has led to potential court contempt issues. SEBI investigations into insider trading (2016, 2019) and irregularities in stake sales (2024) are also present with regard to Mr. Piramal’s business career. He is also reportedly connected to the Flashnet scandal and alleged environmental damage in Digwal, Telangana, where he purportedly sought and lost a stay order at the National Green Tribunal. Additional controversy arises from ₹85 crore in BJP donations through electoral bonds, purportedly exploitative real estate clauses, and a loan to Omkar Developers that prompted ED scrutiny—yet Mr. Piramal is said to have obtained legal protection. The narrative suggests that his political connections, particularly with the BJP, may have enabled him to repeatedly evade regulatory accountability, casting doubt on whether his philanthropic initiatives are intended to deflect criticism from these alleged financial improprieties. The article does not intend to defame or target the individual Ajay Piramal; rather, it seeks to highlight the potential implications of a corporate tycoon operating within a BJP-led crony framework in contemporary India.

Piramal’s philanthropic engagements offer critical insights into the operation of CSR in contemporary Indian capitalism: a blend of social investment and reputation management coexisting with political collusion, regulatory arbitrage, and environmental injustices. Altruism is subverted by strategic interests; the dole economy substitutes deeper redistributive justice; Gandhi’s trusteeship is appropriated for political shielding; and CSR functions as corporate armor. This calls for nuanced academic inquiry into CSR as both a tool of corporate responsibility and a strategy of power consolidation in modern India. A parallel comparison of corporate versus individual taxation further highlights systemic disparities within the political economy.

A significant ethical and political dilemma emerges: how can someone like Ajay Piramal—who publicly identifies as a Vaishnava and actively participates in philanthropic endeavors—also face supposed allegations of crony capitalism and exploitation? Does this reflect a form of hypocrisy or equivocation, as some might argue? Ajay Piramal occupies a prominent position in the political economy of post-liberalization India. On the one hand, he is celebrated for his philanthropic initiatives through the Piramal Foundation. His public image aligns with his professed adherence to Gauḍiya Vaishnavism, a tradition emphasizing compassion and service. On the other hand, his corporate practices have been repeatedly associated with insider trading allegations, politically linked acquisitions, and environmental harm. The DHFL acquisition has been criticized as a costly asset grab harming public investors. Other concerns include multiple SEBI insider trading probes, Flashnet political-linked deals, ₹85 crore electoral bond donations to the BJP, alleged pharmaceutical pollution in Digwal, Telangana, and questionable realty clauses in Piramal Realty projects. These allegations suggest a pattern where philanthropy functions as a corporate shield, diverting scrutiny from questionable business practices.

The present analysis does not seek to defame or personally target Mr. Piramal; rather, it aims to highlight the structural dynamics of Indian crony capitalism, where philanthropy often acts as a corporate shield against scrutiny and appropriates Gandhian ideals like trusteeship as legitimizing narratives for capital accumulation. A Marxist and anarchist critique considers such philanthropy as capitalism’s “last gasp,” a dole economy designed to divert public attention from structural exploitation. From an anarchist perspective, it can be argued that genuine solidarity emerges not through corporate charity, but through community-based mutual aid and redistributive justice.

Piramal’s carefully cultivated image as a benevolent capitalist—bolstered by accolades, government collaborations, and even honors such as the British CBE—raises serious questions about the alignment between his professed values and his apparent business operations. The philanthropic branding may appear to serve less as a genuine commitment to social welfare and more as a strategic cover for deep-profit strategies. This tension exemplifies the larger ethical crisis of philanthro-capitalism in India, demanding deeper academic and public scrutiny.

The above article critically examines the philanthropic image of Ajay Piramal, chairman of the Piramal Group. While reflecting on his supposedly projected contributions through the Piramal Foundation in areas like healthcare, education, and clean water initiatives, the article raises concerns about alleged financial misconduct and environmental extortion issues associated with his business practices over the years that seem to posit a crony collusion. It questions whether his philanthropic endeavours serve as a genuine commitment to social welfare or as a means to obscure less ethical corporate activities. The piece encourages readers to scrutinize the alignment between Piramal’s professed values and his business operations, suggesting a need for greater genuinity in viewing a philanthro-capitalist!

Mr. Ajay Piramal: Grand Philanthropist or Profiteering Facade?

The above provocative article argues that Piramal’s charitable branding may serve primarily as cover for deep-profit strategies:

Integrated Evaluation: Philanthro-Capitalist Paradox

Feature	Piramal’s Portrait
Philanthropic Reach	Massive programs in health, education, water; praised with national/global recognition (Once in a Blue Moon Academia)
Controversial Business Moves	Market-stalking acquisitions, insider trading probes, political donations, environmental harm
Ideological Framing	Deploys Gandhian rhetoric but invites critique as (alleged) ideological camouflage or spiritual alibi
Critical Theoretical Frame	Marxist—philanthropy as capitalism’s manipulation; anarchist—charity vs. grassroots solidarity

Comparative Tax Structure of Philanthropist, Paramavaiṣṇava Mr. Ajay Piramal Esquire, CBE.

Year	CSR/Public Welfare Milestone	Corporate Controversy/Opposition
2006	Launch of Piramal Swasthya for rural healthcare	Expansion of pharmaceutical units in Digwal with local pollution allegations
2008	Piramal Sarvajal introduces water ATMs	Disputed Mumbai real estate projects
2013	Establishment of Piramal School of Leadership	Insider trading allegations against Piramal Group executives
2015	Participation in NITI Aayog Aspirational Districts Program	Increased political proximity noted during BJP’s rise to power
2020	₹25 crore donation to PM CARES Fund during COVID-19	Public scrutiny over non-transparency of PM CARES and possible CSR tax exemptions
2024	₹85 crore donation to BJP via electoral bonds revealed	DHFL acquisition post massive NPA scam, questions of quid pro quo arise

Observations:

Corporates Pay Lower Effective Taxes: Despite comparable nominal rates, corporate effective tax rates are lower due to structured deductions, investment incentives, and tax-planning strategies.
Individuals Face Steeper Marginal Rates: Especially post dividend tax reforms, high net worth individuals pay significantly more.
Electoral Bonds Loophole: Political donations serve as a legal tax shelter for corporates while distorting democratic funding transparency. (See Below)
Dichotomy of Wealth Protection: Promoters route personal wealth via corporate entities to avoid higher individual tax slabs, creating an inequitable tax burden distribution.

(i) Piramal Realty’s Alleged Unethical Practices

Reports like allege coercion of housing societies, and fraudulent redevelopment practices by Piramal Realty⤡.
This undercuts “ethical business” narratives projected by Piramal Foundation.

(ii) DHFL Acquisition and Treatment of Small Depositors:

Piramal’s acquisition of Dewan Housing Finance Corporation (DHFL) in 2021 has been contentious. The National Company Law Appellate Tribunal (NCLAT) flagged irregularities in the Committee of Creditors (CoC) process, declaring the 18th CoC meeting “contrary to law” and “void” to that extent . Following the acquisition, Piramal began disbursing only 23.08% of the total fixed deposit amounts to DHFL’s fixed deposit holders in September 2021, with the remainder subjected to a significant “haircut” (loss) as the most unkindest cut of all. This move drew criticism for prioritizing corporate interests over small investors.

The Spectacle of Giving and the Conspired Silence of Loot: Piramal’s CSR vs. the DHFL Victims

In examining the contradictions within India’s philanthropic economy, one cannot ignore the case of Ajay Piramal, a prominent industrialist who embodies the paradoxes of modern trusteeship. According to the Piramal Group’s own disclosures, its CSR expenditure for the financial year 2022–23 stood at approximately ₹34.54 crore. This figure is often highlighted in annual reports, media features, and celebratory awards as evidence of corporate altruism, a nod to the “giving back” ethos of capitalism.

But this gesture of benevolence sits atop a mountain of unredressed harm. In 2019, Piramal Capital & Housing Finance Ltd., in partnership with Oaktree Capital, acquired Dewan Housing Finance Corporation Limited (DHFL) through the IBC process, a deal cloaked in legal technicalities but marred by gross injustice. Over 1 million retail fixed deposit holders and NCD investors—many of them senior citizens—suffered losses amounting to ₹45,000 crore, as their recoveries were slashed to a mere fraction under the IBC’s controversial waterfall mechanism.

What emerges is a moral and statistical scandal:

₹34.54 crore in Corporate Social Responsibility (CSR) spending
₹45,000 crore in wealth expropriation from depositors

This disproportionate arithmetic underscores a deeper structural question: Can symbolic charity justify systemic plunder? Or worse, does philanthropy serve to launder conscience, to create a veneer of righteousness in the wake of fiscal violence?

From a Marxian standpoint, this is the textbook case of the capitalist logic of “voluntary generosity” masking surplus extraction. What Marx dismissed as “the cash nexus” and “illusions of bourgeois morality” finds expression here: private harm is socialized while private virtue is advertised.

Gandhi’s idea of trusteeship, despite its ethical force, collapses under such contradictions. The trustee is no longer a steward of collective wealth but a manager of public perception, deploying CSR and philanthropy to consolidate legitimacy while evading democratic accountability.

In the case of DHFL, the State, the Insolvency Code, the regulators, and the judiciary worked in tandem—not to protect vulnerable citizens, but to facilitate a corporate capture. The eventual result is a grotesque theatre where the same actor who orchestrated the dispossession is garlanded for his charity.

This asymmetry should not merely scandalize us—it must prompt a radical rethink of the relationship between capital, morality, and democracy.

(iii) Flashnet Scam Allegations:

In 2014, Piramal Estates Pvt Ltd purchased shares of Flashnet Info Solutions, owned by BJP Union Minister Piyush Goyal and his wife, for ₹48 crore, a 1,00,000% premium, shortly after Goyal’s appointment as a Union Minister. This transaction, alongside Piramal’s 2016 investment in Essel Green Energy while donating ₹28 crore to the BJP-favoring Prudent/Satya Electoral Trust in 2016-17, has fueled speculation of cronyism and conflicts of interest .

(iv)Bribery, Bonds, and the Business of Benevolence: The Piramal Paradigm

In a nation where poverty of justice thrives beneath the opulence of philanthro-capitalism, Ajay Piramal’s dual financial engagements exemplify the disquieting fusion of corporate social responsibility (CSR) and political patronage.

The Illusion of Altruism

In March 2020, as India battled COVID-19, the Piramal Group contributed ₹25 crore to PM CARES—a fund legally framed as a private trust, yet treated by the Corporate Affairs Ministry as a state-sanctioned recipient of CSR obligations.

While the fund evades public scrutiny—exempt from RTI and CAG audits—it still enjoys legitimacy under CSR law, presenting an Orwellian contradiction: private when transparency is demanded, public when tax exemptions are needed.

Electoral Bonds: Benevolence or Backdoor Bargain?

In 2024, data exposed that Piramal entities donated ₹85 crore to the BJP via electoral bonds—an opaque funding mechanism widely condemned for facilitating legalized cronyism.

Piramal Entity	Amount (₹)
Piramal Enterprises	₹25 crore
Piramal Capital & Housing Finance	₹10 crore
PHL Finvest	₹40 crore
Another unidentified Group entity	₹10 crore
Total	₹85 crore

Unlike PM CARES donations, electoral bond contributions are not CSR-eligible, nor do they enjoy tax exemption. These are unequivocally political investments—purchases of goodwill, proximity, and perhaps impunity.

The Ethical Dissonance

In the same period, the Piramal-led acquisition of DHFL—marred by the denial of rightful dues to over 1 lakh retail depositors—raises a disturbing question: Did the Piramal Group spend more on securing political capital than on compensating financial victims?

This is not philanthropy; it is philanthrocronyism—where CSR serves as camouflage, and political donations as access fees.

Institutional Corruption as Virtue

Ajay Piramal’s financial trajectory represents a structural symptom of India’s post-truth economy—where public suffering becomes private capital, and legal contradictions become governance doctrine.

While retail investors and depositors wait endlessly for justice, their money flows—ironically—into opaque trusts and party coffers, via electoral shells and CSR smoke screens.

This is not generosity.
It is not devotion to the nation.
It is investment in immunity, and a betrayal of the democratic spirit.

The Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM CARES) Fund, established in March 2020 in response to the COVID-19 pandemic, has been projected as a citizen-driven and transparent mechanism for emergency relief. However, its operational framework reveals deep contradictions between its stated humanitarian objectives and its actual functioning. This paper critically examines PM CARES through the lenses of democratic accountability, neoliberal populism, and corporate-state relations. By situating the fund within the broader political economy of crisis governance, it argues that PM CARES operates as a political technology of centralized executive power rather than a transparent welfare mechanism. The fund’s exemption from the Right to Information Act, absence of parliamentary and Comptroller and Auditor General oversight, and dependence on corporate donations—many from firms with direct state patronage—expose its structural opacity and potential for crony capitalism. Furthermore, its branding around the Prime Minister’s persona reflects a populist shift from institutionalized welfare entitlements to philanthrocapitalist spectacle, recasting citizens as donors rather than rights-bearing subjects. Drawing on theoretical frameworks from Agamben, Foucault, and Gramsci, this paper situates PM CARES within a neoliberal-populist governance model that normalizes executive exceptionalism under the guise of humanitarian urgency. It concludes that PM CARES not only undermines constitutional accountability but also represents a broader ideological reconfiguration of welfare, where emergency relief becomes a performative tool for political legitimacy.

Governmental vs Non-Governmental Status of PM CARES: Uncontradictory Contradiction

PM CARES is legally a private charitable trust, not part of the government, and is not subject to RTI or CAG audits Reddit+11National Herald+11Reddit+11 Reddit+2Wikipedia+2The Times of India+2.
Simultaneously, Corporate Affairs Ministry has permitted CSR expenditures up to 2% on PM CARES, treating it as a government-established relief fund—creating a legal contradiction Reddit+3Wikipedia+3Reddit+3.

No Visible Link between PM CARES & Electoral Bonds

While PM CARES donations qualify under the 2% CSR exemption, electoral bond contributions are not deductible under CSR norms or income tax rules—these are purely political donations.

In a nutshell,

Piramal Group gave ₹25 crore to PM CARES (COVID relief).
This is separate from their ₹85 crore BJP donations via electoral bonds.
The legal treatment of PM CARES is ambiguous—a private trust with CSR eligibility.
Their BJP donations are ineligible for CSR or tax deductions.

Perspectives

Contributing to PM CARES serves 2% CSR compliance and pandemic relief.
Electoral bond donations are political, not CSR-eligible.
The classification of PM CARES remains legally contradictory, described as both private and government‑linked.

Critics argue that Piramal’s philanthropic activities may serve as a strategic tool to enhance his public image and gain favour with “ruling” political entities, rather than stemming from genuine altruistic motives. The juxtaposition of his religious identity and business practices has led some to question the authenticity of his commitment to the values he espouses. For instance, some view his philanthropic endeavors as compensatory actions to offset the negative impacts of his business dealings, suggesting a form of “philanthro-capitalism” where charity is used to legitimize and perpetuate capitalist accumulation .

The apparent contradiction between Ajay Piramal’s public persona as a philanthropist and his involvement in practices associated with crony capitalism raises important ethical questions. It challenges the notion that philanthropy can serve as a panacea for the systemic issues inherent in capitalist structures. This situation underscores the need for a critical examination of the motivations behind philanthropic activities and their potential to perpetuate existing power dynamics and inequalities.

One common paradox in elite philanthropy, particularly within the Indian context, is that corporate responsibility narratives frequently stand in stark contrast to individual lifestyle choices and public health outcomes. Let’s analyze this by exploring some crucial questions:

1. Why Did His Daughter-in-law Go to the USA for Childbirth?

This is a classic instance of transnational privilege and elite risk aversion. While Piramal Foundation promotes rural healthcare, Ajay Piramal’s family members choosing overseas healthcare for childbirth reveals:

Lack of faith in Indian healthcare systems (even it is his own infrastructure–lacking self-confidence? Or a cunning plan? ), especially at critical life stages.
A contradiction between CSR narratives of healthcare equity and personal reliance on Western healthcare infrastructures.
This exposes the “separate world” reality—CSR for the masses; global mobility for elites.
A preference for US birthright citizenship benefits (children born in the U.S. automatically gain U.S. citizenship--jus soli).

By the way, when will Piramal seek refuge in his old friend and secondary relative Mukesh Ambani’s Stoke Park mansion in Buckinghamshire—just like the other fifty-odd fugitive super-rich, willful defaulters, and freshly discharged jailbirds who now soar freely above the law by simply purchasing it as a commodity with the ruling party’s blessings? We are sure Radhanath Swami and Sadhguru will extend their spiritual benedictions for such a noble pilgrimage—after all, what could be more “contrary to law” than a sanctified escape wrapped in the rhetoric of dharma?

2. Indian-Made Vaccines and Piramal’s Role as CDMO

Indian vaccines (Covaxin, Covishield) have faced post-pandemic criticism globally for:
- Limited transparency in clinical trials,
- Allegations of fast-tracking without adequate phase III data,
- Side effects reported both domestically and internationally.
Piramal Pharma, while not producing COVID vaccines, was a contract manufacturer (CDMO) for other pharma products during COVID.
- CDMO services primarily cover generic drugs, sterile injectables, and diagnostics, but Piramal publicly distanced itself from vaccine manufacturing, especially when the sector came under scrutiny.
The juxtaposition is: Piramal avoids reputational risks of vaccine backlash while enjoying the ‘healthcare leader’ image.

VACCINE, MASS STERILIZATION AND DEPOPULATION AGENDA REVEALED ON AMAZON “UTOPIA” (2020) WATCH HERE⤡

3. Did Ajay Piramal Send His Son/ would Send Grandchildren to His “School of Leadership”?

There is no public record of Anand Piramal (son) attending the Piramal School of Leadership.
Anand Piramal studied at Harvard Business School, an elite Western institution.
The Piramal School of Leadership, part of their CSR, caters to rural government school teachers and grassroots leadership programs, primarily targeting aspirational districts and tribal regions.
This leads to a dual schooling system:
- Western Ivy League education for family heirs;
- CSR-funded basic skill-building for rural poor.
This is a textbook case of “benevolent hypocrisy”—“empowerment” for the periphery, global elite pathways for their own children.

Insight: The Hypocrisy of Parallel Realities

Domain	Piramal’s Public Action	Private Choice	Critical Observation
Healthcare	Rural healthcare via Piramal Swasthya, Anamaya	U.S. birth tourism for family	Disparity between promoted vs. chosen healthcare quality
Vaccine/CDMO	Philanthropic medical interventions	No engagement in controversial vaccine production	Risk-free CDMO role, brand safeguarding
Education	Rural leadership schools (CSR)	Elite foreign education (Harvard)	Two-tiered education model: CSR for poor, Ivy League for heirs

Hypocrisy or Structural Class Strategy?

Rather than isolated hypocrisy, this reflects a structural feature of Indian corporate elites:

CSR mitigates social unrest but does not dismantle class privilege.
Personal choices reflect global capitalist lifestyles, not national developmental goals.
This dynamic contributes to the Gramscian hegemony—creating a benevolent façade while perpetuating elitist privilege.

Dualism in Corporate Behavior

Positive Front (CSR)	Controversial Practices
Health, education, water programs	Political donations via opaque electoral bonds
Alignment with SDGs	Acquisitions in distressed sectors (DHFL) amid allegations
Government partnerships (e.g., NITI Aayog)	Environmental violations (Digwal), alleged insider trading
Public welfare projects	Real estate irregularities, coercion, regulatory favoritism

This dualism further manifests in the contrast between CSR programs and controversial business practices:

Positive Front (CSR)	Controversial Practices
Health, education, water programs	Political donations via opaque electoral bonds
Alignment with SDGs	DHFL acquisition amid allegations
Government partnerships (e.g., NITI Aayog)	Environmental violations (Digwal), insider trading allegations
Public welfare projects	Real estate irregularities, coercion, regulatory favoritism

“Strategic CSR” is sometimes a polished public image strategy, especially when core business practices reflect systemic ethical lapses. For Piramal Group, there is a stark duality—social programs under Piramal Foundation vs. controversial business and political practices elsewhere.

Connecting altruism, dole economy, Gandhi’s trusteeship, and Piramal’s “philanthropy”—especially in light of CSR practices and corporate controversies.

1. Altruism: Selfless Service or Strategic Giving?

Classical altruism implies unconditional giving for the benefit of others, without expectation of returns.
Piramal Foundation’s activities (education, healthcare, water access) may mimic altruistic behavior, but:
- Tax benefits (through specific sections like 80G),
- Brand building (philanthropy-as-reputation),
- Political proximity (e.g., PM CARES alignment),
  often convert pure altruism into strategic, image-oriented giving — what scholars sometimes call “instrumental altruism.”

2. Dole Economy: Charity without Redistribution

“Dole economy” refers to periodic charity without altering structural inequality.
CSR projects by Piramal (or similar corporations) provide short-term welfare interventions (rural clinics, water ATMs) but do not address the structural causes like:
- Rural impoverishment caused by extractive industries,
- Environmental degradation by their own pharma units,
- Urban displacement through real estate expansion.
CSR becomes a band-aid, masking corporate activities that deepen socio-economic divides—classic “dole economy” contradiction.

3. Gandhi’s Trusteeship: Moral Stewardship vs. Crony Capitalism

Gandhi’s Trusteeship Model envisioned capitalists as trustees of wealth, managing profits for societal welfare while limiting personal greed.
Piramal Foundation’s narrative aligns superficially with trusteeship—voluntary commitment to “nation-building.”
Yet, political funding (₹85 crore via electoral bonds), regulatory gaming (DHFL buyout), and environmental disregard (Digwal pollution) reveal a “trusteeship façade”, with capital accumulation and political collusion continuing unabated.
It reflects the co-optation of trusteeship for corporate legitimacy, without real adherence to Gandhian restraint.

4. Piramal’s Philanthropy: A Dual Character

Narrative Projected	Ground Reality Evident
Nation-building via CSR in health/education	Environmental pollution (Digwal), housing displacement
Gandhian ethics in business narratives	Crony capitalism (political donations, regulatory arbitrage)
Community upliftment through water projects	Exploitative real estate practices
Structured CSR reporting and partnerships	Repeated regulatory violations, insider trading allegations

One can position Piramal’s “philanthropy” as an example of “strategic benevolence”—where public acts of CSR serve as a social license to operate, while core business models remain tied to rent-seeking, environmental degradation, and political patronage.

This is a post-liberalization critique of Indian crony capitalism: philanthropy as corporate armor against public scrutiny of power abuse.

V. THE UCC CONTRADICTION: HUF PRIVILEGES AND CORPORATE HINDU ELITES

The Hindu Undivided Family (HUF) provision under the Income Tax Act allows Hindu business families to fragment taxable income among family units, thereby availing significant tax benefits. Piramal, belonging to the Mitakshara Hindu joint family structure, leverages this provision to shield wealth at the individual level, compounding the lower corporate tax advantages. As documented in the article “Uniform Civil Code for the Hindus? Really, So?”, such structures expose the hypocrisy inherent in calls for Uniform Civil Code (UCC). While the corporate-political ecosystem, represented by entities like Piramal Group, supports UCC for minorities under the rhetoric of ‘national integration,’ it fiercely guards Hindu-specific economic privileges like HUF, which serve as legal tax avoidance tools. This contradiction illustrates how corporate Hindu elites selectively endorse legal uniformity, benefiting from identity-based economic entitlements while demanding homogenization elsewhere. The sarcastic critique in the cited article frames this as a dual morality regime, where the interests of capital override ethical consistency and secular justice.

Tax Benefits: Mitākṣarā vs Dayābhāga Schools

Tax Aspect	Mitākṣarā School	Dayābhāga School
HUF Status	Recognized as a separate taxable entity from birth of coparcener.	HUF status arises only after father’s death (post-succession).
Separate Tax Exemption	Can claim separate basic exemption limit & slab rates for HUF, apart from individual members.	Not available until HUF is formed after death.
Deductions (80C, 80D, etc.)	HUF can claim deductions independently of members.	Deductions allowed only to individual owner before death.
Income Splitting / Tax Planning	Rental/business income from ancestral property taxed in HUF’s hands, reducing individual tax burden.	Income taxed in the father’s hands until his death.
Partition Benefits (Sec 171 IT Act)	Complete partition of HUF property not taxable; no capital gains.	No partition benefit before father’s death.
Wealth Tax (till 2015)	Separate wealth tax exemption for HUF.	No HUF-based exemption until post-succession.

Case: Ajay Piramal’s HUF & Tax Planning

Ajay Piramal is known to have used the Hindu Undivided Family (HUF) structure for efficient tax planning, which is permissible under Indian law.

Key Facts (as per public tax disclosures)

Ajay Piramal has declared separate HUF income, including dividends, capital gains, and interest income.
HUF enjoys separate PAN, tax slab, and deductions, effectively splitting income and reducing overall tax liability.

Mitākṣarā vs Dayābhāga – Comparative Tax Planning

Aspect	Mitākṣarā (Followed by Piramals – Maharashtra)	Dayābhāga (If Piramal was in Bengal/Assam)
HUF Formation	Automatic by birth: Ajay Piramal, his wife, and children form a coparcenary. HUF status exists irrespective of father’s death.	Only after death of Karta: Piramal could NOT have claimed HUF status during his lifetime.
Income Splitting	Dividend, interest, and capital gains from ancestral or HUF-invested property are taxed separately in HUF’s hands, reducing Ajay’s personal tax burden.	All income would be taxed as Ajay’s personal income until his death. No scope for income-splitting during his lifetime.
Deductions	HUF can claim deductions under 80C (LIC, PPF), 80D (Mediclaim), etc., separately from Ajay’s personal deductions.	Only Ajay’s individual deductions available until inheritance.
Wealth Segregation	HUF wealth is treated as separate from Ajay’s personal wealth (earlier helped in wealth tax exemptions).	All assets clubbed under Ajay’s personal wealth until death.
Estate Planning	HUF structure allows inter-generational tax planning; income continues to be taxed in HUF’s name even if Ajay is not personally drawing it.	Tax benefits only posthumous; estate planning is delayed.

Example of Income Splitting

Assume:

HUF earns ₹2 crore (dividends + capital gains).
Ajay personally earns ₹10 crore (salary + business).

Taxation	Mitākṣarā	Dayābhāga
Ajay’s Taxable Income	₹10 crore (personal) + HUF taxed separately	Entire ₹12 crore taxed in Ajay’s name
HUF Tax	HUF taxed as separate entity, enjoys basic exemption + slabs + deductions	No HUF taxation until death
Effective Tax Burden	Reduced due to two separate taxpayers	Higher as single taxpayer

Thus, the Mitākṣarā system (followed in Maharashtra) gave Ajay Piramal a legitimate tax planning advantage unavailable under Dayābhāga.

Integrated Evaluation: Philanthro-Capitalist Paradox

Feature	Piramal’s Portrait
Philanthropic Reach	Massive programs in health, education, water; praised with national/global recognition (Once in a Blue Moon Academia)
Controversial Business Moves	Market-stalking acquisitions, insider trading probes, political donations, environmental harm
Ideological Framing	Deploys Gandhian rhetoric but invites critique as ideological camouflage or spiritual alibi
Critical Theoretical Frame	Marxist—philanthropy as capitalism’s manipulation; anarchist—charity vs. grassroots solidarity

Comparative Tax Structure of Philanthropist, Paramavaiṣṇava Mr. Ajay Piramal Esquire, CBE.

Year	CSR/Public Welfare Milestone	Corporate Controversy/Opposition
2006	Launch of Piramal Swasthya for rural healthcare	Expansion of pharmaceutical units in Digwal with local pollution allegations
2008	Piramal Sarvajal introduces water ATMs	Initial land acquisition disputes in Mumbai real estate projects
2013	Establishment of Piramal School of Leadership	Insider trading allegations against Piramal Group executives
2015	Participation in NITI Aayog Aspirational Districts Program	Increased political proximity noted during BJP’s rise to power
2020	₹25 crore donation to PM CARES Fund during COVID-19	Public scrutiny over non-transparency of PM CARES and possible CSR tax exemptions
2024	₹85 crore donation to BJP via electoral bonds revealed	DHFL acquisition post massive NPA scam, questions of quid pro quo arise

Observations:

Corporates Pay Lower Effective Taxes: Despite comparable nominal rates, corporate effective tax rates are lower due to structured deductions, investment incentives, and tax-planning strategies.
Individuals Face Steeper Marginal Rates: Especially post dividend tax reforms, high net worth individuals pay significantly more.
Electoral Bonds Loophole: Political donations serve as a legal tax shelter for corporates while distorting democratic funding transparency.
Dichotomy of Wealth Protection: Promoters route personal wealth via corporate entities to avoid higher individual tax slabs, creating an inequitable tax burden distribution.

Let us conclude this contentious discussion with Piramal Group’s Anthem song, which appears to obscure more than it reveals: