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Social Responsibility Of Business In The Indian Corporate Sector
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The Indian Corporate Sector has been doing a tremendous job to uplift the society on many levels. The Industry is working with the Government and NGO’s to bring about a major change in the social and economic development of India. Whether it is the educational or healthcare programs or the Corporate Social Responsibility (CSR) Initiative; India Inc. has always made a substantial contribution towards the growth of the society. The basic rule of CSR is to follow the law and ethical guidelines of the country, along with following the International Green Tech regulations.
Fortunately, a lot of businesses and industries in India follow more than the fundamental principles of CSR. These companies engage in social service and welfare of the society, which is not a lawful obligation. Rather it doesn’t necessarily work towards the economic interest of the company.
The CSR initiatives of these businesses focus on a sustainable environment, sustainable economy and sustainable society.
The Purpose of CSR Initiatives
From the three CSR initiatives, Social Responsibility is the core initiative, focused on the overall development of the society. Here is a look at the principles of social responsibility of business in the Indian Corporate Sector.
• The basic social responsibility of business is to earn profits while working within the limitations of law.
• Fair Trade Practices is one of the most important social responsibilities in the Indian Corporate Sector. Offering the customers value for their money and practicing ethical marketing techniques is the way to achieve that. This allows the business to create a place for itself in the society.
• Creating job opportunities and providing employment to the locals in the community is an important social responsibility for the corporate sector.
• Raising money and supporting charities that address concerns like education, sanitation, infrastructure and healthcare within the society takes ace position when doing humanitarian work.
• Organizing Volunteer programs to fulfill the activities that are arranged for social welfare and development.
Role of Philanthropy in CSR
Apart from this, a major service in social responsibility is Philanthropic activities. The term used for the same is Corporate Philanthropy and its main aim is to provide monetary aid to Nonprofit Organizations. These donations can be used for various social, cultural or environmental reasons but without an intention of promoting their business. Most companies in India that follow the CSR structure indulge in Corporate Philanthropy and organize various drives or activities within or outside the community, with a focus of doing good for the society.
The Source of Donations in CSR
A huge percentage of the philanthropic contributions from the Corporate Sector come from individual donors. These are usually people who are high ranking officials in major industries in the country. They commit a percentage of their paycheck or their stake in the company to charities and nonprofit organizations. Along with this, most companies also organize donation drives where employees and stakeholders contribute towards a greater cause. Some organizations also pledge a percentage of the profit they make towards philanthropy. To a certain extent Corporate Philanthropy can be dubbed as one of the most influential social responsibility of business groups in India.
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