Bill, left, and
second from right,
with Indian software
tycoon Azim Premji,
second left, and
Warren Buffett in
Give back to society, Gates, Buffett tell Indian billionaires
Microsoft co-founder Bill Gates and legendary investor Warren Buffett have a common mission. They
want India’s rich to donate towards philanthropy.
Gates, the world’s second richest man
with a net worth of $56 billion, and Buffett,
the third richest with a wealth of $50 bil-
lion, are part of The Giving Pledge, an
effort to invite the wealthiest individuals
and families in America to commit to giv-
ing the majority of their wealth to the phil-
anthropic causes and charitable organiza-
tions of their choice either during their life-
time or after their death.
‘There was exceptional participation and
candor,’ the Oracle of Omaha said. ‘We cer-
tainly experienced great enthusiasm. What
form it will take will be seen in days to
Gates said about giving back: ‘When we
are lucky enough to have great success, we
face a question. Whether you spend it on
yourself, or your children start wealthy, or
whether you give back to society. We all
have a choice. I exercised my choice and
decided to give back to society.’
‘India’s creative force is still a sleeping tiger waiting to be awakened’
“India’s creative force is still a
sleeping tiger waiting to be awakened,” says James Murdoch, media
mogul Rupert Murdoch’s younger
James Murdoch, chairman and
chief executive, News Corporation,
Europe and Asia — overseeing
assets like News International
(British newspapers), Sky Italia
(satellite television), and Star TV
(satellite television in Asia) — was
in India last week for FICCI
FRAMES 2011, the Federation of
Indian Chambers of Commerce
and Industry’s annual global convention covering the gamut of the
media and entertainment industry.
Murdoch said India’s phenomenal rise and the impressive economic figures were thanks to the abundant human talent
and the creative force it possesses.
He said the future of India was digital.
“The impressive achievements of
the last two decades have not even
begun to fulfill the potential of this
great land,” he said at the event that
had the who’s who of India’s entertainment industry in attendance.
Like most global biz wizards do,
Murdoch too said red tape was getting in the way of India’s progress.
“The industry today is moving
faster than the politics,” he said.
“Viewers deserve choice. In a vast
and diverse country like India, no
channel can try to be everything to
everyone. Yet, the prevailing regula-
tory system forces channels to
adopt a uniform ad-dependant
He said taking India’s media and
entertainment industry from $15
billion to $120 billion was very
much a possibility. What was needed, he stressed was the digitization
of infrastructure, and creativity.
“Digitization is the key to unlocking the potential of the
creative sector,” he said. “With digitization, the Indian
industry will finally have the incentives to invest and cre-
ate. Even more important, Indian customers will have the
content and choice worthy of their nation’s rich diversity.”
He pointed out that of the roughly 250 million Indian
homes, only 120 million had multichannel television and a
mere 30 million of these are a part of a digital network.
People, he said, were demanding “newer and better servic-
es. To meet those demands and keep their customers, com-
panies have to respond creatively. As a result, in the last
year alone, we have seen new shopping channels, more TV
journalism, HD (highdefinition) broadcasting —and 3-D
broadcasting to come. Not to mention simply being able to
watch regional language programming out of market. For
an increasingly mobile population, this ability to deliver
diversity has real value.”
He said Indian creators, storytellers, and journalists must
tune into the world’s conversations. As an example, he cited
the Indian media.