Social Responsibility

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Social responsibility refers to a business's duty to contribute to community well-being and avoid harming people or the environment. It is important because failing to be socially responsible can damage both. The document also discusses renewable and nonrenewable resources, examples of employee benefits from companies like SAS and Google, and the various roles of government at the national, state, and local levels including regulating business, providing services, and hiring employees.

Business Economy & Finance

SOCIAL RESPONSIBILITY By: Krishna Polasani Principles of Business

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he parliament passed the historic Companies Bill on 8th August 2013. The Rajya Sabha passed the bill which was earlier passed by Lok Sabha last year. The new companies bill mandates large-sized corporations to spend 2% of their net profits on Corporate Social Responsibility (CSR) activities. A large part of this potential fund can be channelized for sustainable development; Sustainable development forms one of the nine verticals which qualify under CSR. The tone was set right a month ago;at the Green Energy CSR - “Evolving Thought Leadership on Green CSR Interventions” which was organised by an NGO : Sharp Developments. Supported by the Ministry of New and Renewable Energy; Government of India the event emphasized the need of a proper institutional framework for the utilization of CSR funds both through corporate sector and Central Public Sector Enterprises.With a call to the industry to step up innovations and leverage the multiple investment opportunities being created by the government through the New Companies Bill-2012, the conference played a catalyst role in creating a common forum for Government, corporates, NGOs and funding agencies. Dedicated interactive panels were hub for knowledge exchange that widened the market insights on sustainable financing models, cutting-edge technologies and leading business practices. The conference witnessed 25 eminent speakers and more than 120 delegates from across the sector. The Conference, while trying to identify boundaries of Green CSR – highlighted three verticals through which green CSR could be implemented. These are Renewable Energy based CSR interventions,Energy Efficiency and Renewable Energy Certificates. For more detailed coverage of the Conference, please log on to www.icfild.org ‘ Among the high points of the Conference was the launch of first of its kind comprehensive Report on the status and potential of Green CSR.IndianPowerSector.com in conjunction with Sharp developments launched an “Industry Handbook “during the event. The report titled “The Way Forward” covers the existing guidelines, amalgamation of CSR and Green Energy at various levels and recommendations suggesting a greener approach to be followed to fulfill CSR goals. Shri. Alok Srivastava, Joint Secretary, MNRE was the Guest of Honour and in the session on Evolving Thought Leadership - Institutional Framework – Role of Government in promoting corporate social responsibility (CSR), addressed the audience by stressing on the linkage between both CSR and Renewables and remarked on the importance of Renewable energy based interventions as a win-win solution in CSR domain by being economically beneficial for the society as well as corporates. The report provides and enlightening vision and a completely green approach for companies to fulfill their CSR mandate.

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CSR has a long history associated with it impacts on organizations behavior. CSR is originally considered an American and European concept. During the 1990s the idea of CSR became almost universally approved, also CSR was coupled with strategy literature and finally, in the 2000s. In India as in the rest of the world there is a growing realization the capital markets and corporations are. After all, created by society and must therefore serve it, not merely profit from it. And those consumers and citizens campaigns can make all the difference. For over 50 years, Hindalco has worked in the hinterlands of India to better the quality of life of the underprivileged sections of society. This study is undertaken to provide a systematic analysis of:

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