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Corporate Responsibility To Promote Sustainable Development In India
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India has been touted as the next superpower for a long time now. The fact is we aren’t yet close to what the world describes as a superpower; rather, we are still a developing nation. There are many factors that contribute towards the state of Indian economics. Due to these factors, India is still plagued with the demons of excess population, illiteracy, poor infrastructure, healthcare etc. These problems have a negative impact on the overall progress of the country. The best way to counter these problems in India is adapting a sustainable economic development pattern of living.
In a sustainable society a sustainable environment and sustainable economy are the basic principles for growth. Though there is no correlation between economy and environment, a sustainable environment is extremely important for long-term economic growth. The corporate sector is the most important section of the society that contributes to the economic growth of the region. The corporate initiative towards economic development is called as Corporate Responsibility, which works on the Corporate Social Responsibility pattern– or the CSR module.
The most important aspect of the CSR initiative is economic sustainability. A sustainable economy is conducive to the overall progress of the society. Some of the basic principles of CSR initiative are as follows.
• The basic principle of CSR is to attain economic success. Economic progress in the country is beneficial towards the overall development of the society and helps to promote a sustainable economy.
• Invention of methods that promote a sustainable environment, which is the basis of a sustainable society.
• Provide employment opportunities to the youth in the society, which in turn promotes economic and social sustainability.
• Form an adept tax system and revenue structure, which can help to develop the infrastructure and provide a better healthcare service and education system to the society.
• Conducting philanthropic work or charities that support social causes like literacy drives and free healthcare initiatives
These are the primary ideas of the CSR initiatives in the Indian corporate sector. These ideas or principles help in maintaining and improving the social and the economic situation in the country.
Function of the CSR Initiatives
In India the CSR initiatives are responsible for practicing and the promotion of the sustainable economic development program. Since economic sustainability plays an important role in shaping a successful and developing economy, most companies in the Indian corporate sector have undertaken the Corporate Social Responsibility initiatives. Their intention is the development of their business and working towards the welfare of the society and promoting economic sustainability.
The small business model in India too is adapting CSR initiatives so they can form a distinctive identity for their company, as these initiatives add to their business portfolio as its USP. This gives small businesses an edge over the competition, especially from the target consumers. The aim of the CSR initiative through the corporate responsibility program is to achieve economic growth and promote environmental sustainability for a better tomorrow.
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