ICFAI University Jharkhand organised a national seminar on ‘Corporate Social Responsibility in the Emerging Scenario: Issues and Challenges’ on Thursday. The key focus of the seminar was to deliberate on the various perspectives CSR and its issues and challenges and how it impacts on the bottom-line of individual companies.
Vice-Chancellor Prof O R S Rao stated, “Every Industry and Business draws resources from the Nature and the Society and generates Wealth by adding value. So, every one of the Corporates has the responsibility to give back to the Society, at least partly, by contributing to its well being.”
He further added, “Corporate Social Responsibility (CSR), when implemented effectively, helps in ‘inclusive and equitable growth’ of the country. A few business groups like Tata’s have been investing in CSR initiatives since pre-independence era. However , it was only in the recent past that a number of Corporates realized the importance of CSR , not just as a charity , but as a strategic imperative for sustainable profitability and growth . So much so, now-a-days, most of the companies are focusing on Triple Bottom line (Profit, People and Planet), while measuring and monitoring performance. Areas in which CSR initiatives were taken so far include environment protection, community services (like poverty alleviation, women empowerment, education and healthcare) and public amenities (like drinking water, sanitation and roads).”
Companies Bill 2012 that was passed in Rajya Sabha recently, makes CSR mandatory for select companies( with sales turnover of Rs 1,000 crores and above or NetWorth of Rs 500 and above or Net profit of Rs 5 Crores and above ) to contribute 2 of net profit to CSR. This will definitely give a much needed fillip to CSR in the country. It is estimated that about 8,000 companies will fall into the ambit, contributing about Rs 18,000 crores per year. While it is an excellent initiative on the part of India, being the first country in the world to mandate CSR by corporate by law, there is raging debate on the desirability of mandating CSR, rather than allowing it to be voluntary. Besides, the leeway in the law to contribute the same money to funds like PM’s National relief fund (or similar funds set up by State Governments) may dilute the very spirit of CSR as a social responsibility and make it yet another tax saving measure.
“In the state of Jharkhand, where urbanization is less than 25 per cent and about 60 percent of the land is non-agricultural, it is all the more important that the industry (that is harnessing the natural resources like coal, iron ore etc) is obliged not only to rehabilitate the affected people but also take pro-active steps for the welfare of the society, as a whole. However, the industry faces a lot of challenges and needs the support of the Government to ensure that the money spent on CSR initiatives bear fruit and yield .tangible results. CSR spending should not be seen as profit-making mechanism,” he added.
HOD of Rural Development and Research Planning, XISS, DR Himadri Sinha said, “Partnership among corporate, Government, academics and society is key for the success of CSR activities.”
CEO of Raj hospital Yogesh Gambhir said, “CSR as a long term investment tool for better future,” he also advised the corporate world to be sensitive and commited towards society, which will make the world fit for future generation.
Delegates from diverse field presented their research papers in presence of panel of experts and chairperson. As many as 30 technical paper were presented at the seminar.