Most Industries Today Have Already Realized The Necessity

1724 WordsFeb 16, 20177 Pages
Most industries today have already realized the necessity of incorporating CSR into their business strategies and the necessity to nurture and include all the relevant stakeholders in their growth stories. India has a long tradition of patriarchal philanthropy. The concept of helping the poor and disadvantaged was cited in several ancient literatures. In the pre-industrialization period philanthropy, religion and charity were the key drivers of CSR. The term CSR itself came into common use in the early 1970s. The last decade of the twentieth century witnessed a shift in focus from charity and traditional philanthropy toward more direct engagement of business in mainstream development and concern for disadvantaged groups in the society. In…show more content…
To move from a developing Nation to a developed Nation an overall growth of the Society is critical. For a balanced and inclusive economic growth, it is essential for an economy to focus on the base of the pyramid; this focus makes it imperative for India as a country to develop a robust “Ecosystem” for economic and industrial development. Therefore, now is the time to balance the act between “socially-linked-inclusive-economic and industrial growth,” to reduce the disparity between the two categories of our society and thereby contributing to the development of the Nation. In the last decade, CSR has rapidly evolved in India with some companies focusing on strategic CSR initiatives to contribute toward nation building. Gradually, the companies in India started focusing on need-based initiatives aligned with the national priorities such as public health, education, livelihoods, water conservation and natural resource management. Intensive national level deliberations on the potential role and responsibility of the corporate sector in contributing toward addressing social issues were witnessed in the last decade. In the last five years, the Government of India has also enhanced its focus on persuading companies to participate in addressing social and developmental issues, not only as a part of their

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