The term CSR or Corporate Social responsibility became widely popular in the year 1960 in India. It refers to a business practice that includes integrating social and environmental concerns in business operations and interactions with their stakeholders. The CSR implementation in India is generally understood as a method through which a company achieves a balance of economic, environmental and social imperatives, while at the same time addresses the expectations of shareholders and stakeholders.
According to Fiinovation “Corporate Social Responsibility (CSR) is a concept that suggests that it is the responsibility of the corporations operating within society to contribute towards economic, social and environmental development that creates positive impact on society at large. Although there is no fixed definition, however the concept revolves around that fact the corporations needs to focus beyond earning just profits. The term became popular in the 1960s and now is formidable part of business operations.”
However, the importance of CSR in India is often misunderstood or misinterpreted. Majority of Indian corporates believe that merely complying with laws and regulations fulfills their need for social responsibility. Whereas, a responsible corporate recognize that CSR activities have wider impact on the society in which it functions. Therefore, it takes into account the economic, social, environmental and human rights impact of its activities on all the stakeholders.
As India shifts gears of development and strives to transform itself from an emerging economy to a developed one, the burden of growing disparity between industrial profits and overall human development index continues to become a hurdle.
Yet favorably, with the new Companies Act in place, profit-making corporations now have an opportunity to play an instrumental role to overcome the social development concerns. “What we take from the community, we must give it back to it.” Today, Corporate Social Responsibility (CSR) is no longer a matter of mandate, but an affair of commitment that companies behold towards the society at large. It marks the best time for social interventions to take place, and an opportunity for the country to create a sustainable future for our youth. Evidently, India has emerged as the country with the youngest population with 65% below the age of 35. The CSR mandate is a trigger for the private sectors and gives a chance to contribute towards social welfare.
At Fiinovation, we realise the approach towards addressing the social challenges with cost-effectiveness and time-orientation. Certainly, there is an immense growth potential in this sector, both quantitatively and qualitatively. What is important is that the commitment, even if they are minuscule, are undertaken and directed towards a positive and realistic impact which is measurable and scalable.
Since the year 2009, our organization is thoroughly working in the social development sector and has fairly understood the various complexities that exist in the socio-economic paradigm of the world’s largest democracy. We are effective in revamping the entire value chain of social interventions by studying the ground-level needs. Owing to our thorough understanding, our organization is proficient to translate opportunities into intended positive outcomes through enduring partnerships among businesses and civic bodies.
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