We are living in a country which is under the ongoing process of development. Presently, India is a developing economy, in where agriculture, industry, telecom, services, infrastructure and everything related to generating revenue or is occupational, is on the developing stage. Mr. Aman Mehndiratta, who is a much-known philanthropist, investor, and entrepreneur, has his points about the corporate social responsibility in the countries with developing economy like India. Being an unparalleled part of the corporate world of this country, Aman Mehndiratta has learned a lot about the impact and effect of various business models on the economy. Also, he has figured out which is the best model would be the best suited for the economy like India.
Well, when we are this must also be taken in concern that, when the Indian economy was opened for the world economy and most of the international companies were allowed to do business in our country and invest in different sectors, the scenario of industrial development has seen a drastic change in a pretty good manner.
Corporate Social Responsibility and Philanthropy
While there may be no single universally accepted definition of CSR, each definition that currently talks about the crucial impact and importance that businesses have on society and the expectation that society has from those corporate activities. The roots of CORPORATE SOCIAL RESPONSIBILITY straightly lie in the philanthropic activities of corporations such as charity, donation, relief work, etc. The concept of CSR has evolved very much and now encompasses all related concepts as well. This is evident in the definition given below that CSR is good for the country with a developing economy like India:
The CSR can be defined as the responsibility and impact of the corporate world on the society. To completely meet their social responsibility, the corporates should have in place a process to integrate ethical human rights, social, environmental, and consumer concerns into their business operations in close collaboration. This comes under the category of philanthropic services Aman Mehndiratta supports on a very large scale.
Impact of CSR on India’s economy
If talking in some traditional aspects, then CSR in India has been seen as a philanthropic activity. In keeping with the Indian tradition, it was an activity that has been performed for years but not deliberated actually. As the final result, there is very less or limited documentation on specific activities related to this concept of CSR.
However, Philanthropists like Aman Mehndiratta has adopted this model in order to make societal development more evident and prominent, but still, there are more than half of corporations which are not able to accept this concept in its true form.
As an observer Aman has pointed out, the practice of CSR in India still remains within the philanthropic space but has moved from the institutional building that is educational, research and cultural institutions to community development through different projects which are good but not at its best. While CSR remains largely restricted to community development, it is getting more strategic in nature than philanthropy, and a large number of companies are reporting the activities they are undertaking in this space in their official websites, annual reports, and even the sustainability reports.