CONQUERING THE CHALLENGES AND ISSUES FOR THE CSR IMPLEMENTATION UNDER THE COMPANIES ACT, 2013 - ONE OF THE TOOLS FOR ACHIEVING A BALANCED GROWTH OF INDIA

  • Bhavesh A. Kinkhabwala Research Scholars, B.K. School of Business Management, Gujarat University, Ahmedabad (Gujarat)
  • Vidhi Kotak B.K. School of Business Management, Gujarat University, Ahmedabad
Keywords: Balanced growth of India, Companies Act, CSR, Governance

Abstract

Looking to the present social stratum of the Country and a dire need for the balanced growth of the country, there needs a broader vision by moving ahead from the triple bottom line (“People, Planet and Profit”) to “Partnership, Progress and Prosperity”. CSR is need of an hour so as to contribute to the social innovation and development in India. India is the first and only country across the globe having mandatory enforcement of provisions relating to CSR for certain corporate entities vide Companies Act, 2013. India is ranked 3rd (third) in the list, according to social enterprise CSR Asia’s Asian Sustainability Ranking (ASR). Origin of CSR [Corporate Social Responsibility] can be traced from the ancient scriptures and it is not a concept borrowed from the foreign country. Now, it’s a right time to ensure that while dealing with CSR, approach should be that of participatory and not a contributory. Let, CSR be part of company strategy and budget and be treated like an actionable business agenda. CSR agenda should carry the stake holder approach by a corporate and not a charity oriented approach. Many expectations are carved out from the corporate sector ensuring best corporate governance practices. So, such ideal and effective corporate governance practices will ensure a means to an end of balanced growth of the country. Sustainable functioning with a philosophy of “Vasudhaiva Kutumbakam” [entire universe belongs to the same family] is need of an hour. It’s a time to revert to our ancient scriptures, Upnishadas, Puranas and Vedic literatures for the holistic living and the same can only be the means to an end of balanced growth.

Published
2020-03-15
How to Cite
Bhavesh A. Kinkhabwala, & Vidhi Kotak. (2020). CONQUERING THE CHALLENGES AND ISSUES FOR THE CSR IMPLEMENTATION UNDER THE COMPANIES ACT, 2013 - ONE OF THE TOOLS FOR ACHIEVING A BALANCED GROWTH OF INDIA. Management Insight, 13(1), 38-44. Retrieved from http://journals.smsvaranasi.com/index.php/managementinsight/article/view/123