Azim Hashim Premji stands as a towering figure in India, renowned for his visionary leadership, remarkable generosity, and unwavering dedication to social change. His impact spans both the corporate realm and the philanthropic sphere, leaving an indelible imprint on the fabric of Indian society. His estimated net worth, according to Forbes, is 1,190 crores USD (2024).
Let’s explore the life, achievements, and philanthropic endeavours of this extraordinary individual.
Early Life and Education
Born on July 24th, 1945, in Bombay, India, Azim Premji hails from a Kutchi Indian Muslim Shia Islam family with deep roots in Gujarat. His father, Muhammed Hashim Premji, earned acclaim as the “Rice King of Burma,” declining an invitation from Muhammed Ali Jinnah to move to Pakistan, thus reaffirming their commitment to India.
Azim Premji pursued his higher education abroad, earning a Bachelor of Science in Electrical Engineering from Stanford University. This academic journey laid the groundwork for his future ventures in both business and philanthropy.
The Evolution of Wipro
In 1945, Muhammed Hashim Premji founded Western Indian Vegetable Products Ltd, initially focused on producing cooking oil and laundry soap. Following his father’s sudden passing in 1966, Azim Premji, then a 21-year-old student at Stanford University, returned to India to lead Wipro.
Under Azim Premji’s stewardship, Wipro underwent a metamorphosis from a company primarily engaged in manufacturing hydrogenated oil to a diversified conglomerate. Expanding into various sectors, including bakery fats, toiletries, hair care products, lighting products, and hydraulic cylinders, Wipro eventually ventured into the high-technology sector by manufacturing minicomputers.
Recognising the burgeoning potential of the IT industry, Premji capitalised on the opportunity, leading Wipro into software services, a pivotal decision that shaped the company’s trajectory.
Accolades and Recognition
Azim Premji’s contributions to the business landscape have garnered widespread acclaim. Business Week hailed him as one of the “Greatest Entrepreneurs,” acknowledging his role in propelling Wipro to become one of the world’s fastest-growing companies. He has received numerous honorary doctorates, including prestigious awards from the Manipal Academy of Higher Education and Wesleyan University, in recognition of his philanthropic endeavours.
In 2005, the Indian Government bestowed upon him the esteemed Padma Bhushan for his exceptional contributions to trade and commerce. Subsequently, in 2011, he was honoured with the Padma Vibhushan, India’s second-highest civilian award.
The Luminary of Indian IT
Azim Premji’s most notable accomplishment lies in his guidance of Wipro through four decades of expansion and diversification, establishing it as a global leader in the software industry. His influence on the Indian IT sector earned him the informal title of the “Czar of the Indian IT Industry.”
Beyond his success as a business magnate, Premji emerged as a thought leader and an inspiration to countless aspiring entrepreneurs both in India and beyond.
Philanthropy: A Commitment to Social Progress
Azim Premji’s philanthropic journey parallels his achievements in business. In 2001, he founded the Azim Premji Foundation, a non-profit organisation dedicated to enhancing school education across India.
In a historic gesture in 2010, Premji pledged to donate at least half of his wealth to philanthropic causes. Initiating with a $2.2 billion contribution to the Azim Premji Foundation, primarily focused on education, he further amplified his philanthropic endeavours in 2019 by pledging an additional 34% of Wipro stock to the foundation, elevating the total endowment to an impressive $21 billion.
Azim Premji became the first Indian to sign the Giving Pledge, a global initiative led by Warren Buffett and Bill Gates, urging billionaires to allocate a significant portion of their wealth to philanthropy. His commitment has set a precedent for Indian philanthropists, inspiring a culture of giving back to society.
EdelGive Hurun India Philanthropy List
Azim Premji consistently occupies the top position in the EdelGive Hurun India Philanthropy List, underscoring his extraordinary contributions to philanthropy. His donations, primarily directed towards education, have catalysed profound transformations in the lives of countless children across India.
The Legacy of the Premji Family
The legacy of philanthropy extends across the Premji family. Azim Premji’s wife, Yasmeen Premji, plays a pivotal role in the family’s philanthropic initiatives, sharing a vision of creating a better world.
Their children, Rishad and Tariq Premji, actively contribute to this legacy. Rishad Premji, following in his father’s footsteps, assumed the role of Chairman of Wipro in July 2019, demonstrating exemplary leadership and a commitment to societal progress. Meanwhile, Tariq Premji serves as the Vice President of the Azim Premji Endowment Fund, playing a crucial role in managing philanthropic investments.
Conclusion
Azim Premji’s life exemplifies the transformative power of vision, perseverance, and philanthropy. From steering Wipro to unprecedented heights of success to his unwavering dedication to improving education in India, he has forged a legacy that will endure for generations. Azim Premji’s story serves as a beacon of inspiration, illustrating the profound impact that business leaders can have on society when they choose to give back. His contributions will continue to reverberate, shaping a brighter future for India and the world at large.