Two of the world?s richest men Mr Warren Buffet and Mr Bill Gates exhorted the leaders of the Indian industry on Thursday to start a pledge similar to the US Giving Pledge. As part of the pledge, several wealthy families in the US came together in June last year to establish a culture of giving and philanthropy.

Mr Buffet (80), Mr Gates and his wife Ms Melinda Gates shared their thoughts on philanthropy and learnt about India?s giving away culture.

"Based on the discussions today, I'm sure in India the percentage of private philanthropy will significantly go up. There were 70 people today at the meeting?but the follow up of these discussions remain to be seen," said the ?Oracle of Omaha?, who has pledged 99 per cent of his wealth. Most of his money will go to the Bill and Melinda Gates Foundation.

Commenting on what they learnt from their Indian counterparts, Mr Gates -- the Microsoft founder and the world's second richest man -- said, "India has historically produced some of the most important philanthropists the world has known? I'm certain this will continue."

On whether number of first generation wealth in this country would be a problem in philanthropy, Mr Gates said, "The biggest givers in the US and India are the first generation wealth generators. As their families grow to have a focus on how to use that wealth they will come together and start to give more."

"We see a lot of opportunities in the area of education. Entrepreneurs can give back to the universities they study in to develop the local talent. Something we have an expertise in," he said.

Meanwhile Mr Buffet shared his outlook to both investing and giving. He said, ?When I'm investing, I'm looking at sure shot success and profitable investments. In philanthropy, I'm looking at very difficult issues the success of which can be measured in decades. So it?s a very different game."

Mr Gates, on the other hand wanted technology to do the poverty alleviation trick. He said, "I think the miracle of digitisation has not come to help the poor. Distribution of money to the poor is still not too good. But India is doing some tremendous work with the UID project? I do think the breakthrough innovations for the rich can be shaped for the poor."

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