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Csr In Emerging Economy India

CSR IN EMERGING ECONOMY - INDIA
According to World Business Council for Sustainable Development (WBCSD), Corporate Social Responsibility (CSR) is a commitment from corporation to behave in an ethical manner, contribute in economic growth and also improve the quality of life of employees and society.
In India, various Multi-National Corporations have developed their own foundations and trusts to get involved in CSR activities like Wipro (Azim Premji Foundation) and Infosys (Infosys Foundation) which are working for spreading education in rural areas, DCM Shriram provides healthcare facilities like ICU, ambulances and schools with emphasis on girl child education, Tata runs a 850-bedded hospital with facilities like burn centre and dispensaries.(Tata Social Responsibility - Healthcare) and in order to measure the extent of these CSR initiatives “The Karmayog CSR Ratings” are evaluated and the outcomes are based on different parameters ranging from Level 0 to Level 5 where Level 0 signifies that company is not involved in CSR. In 2008 the results of the ratings depicts that 49% of the companies are not involved in any CSR activity, and only 1% i.e. 10 of the 1000 of largest Indian corporate studied have got the maximum rating of Level 4. Therefore, The Reserve Bank of India and the Petroleum Ministry are asking for CSR reports from the corporate who falls under them, the Ministry of Corporate Affairs suggested that activities related to CSR should be mentioned in the yearly report. Also the recent economic slowdown is a time of insecurity and corporations should focus on the long term benefits from CSR activities rather than focusing on cost reductions at the risk of forgoing their responsibilities towards the Indian society. In the time of slowdown the Indian society is expecting more from the Corporate in issues related to poverty alleviation, unemployment and human rights. (Karmayog CSR Ratings of the 1000 largest Indian companies, 2008)
There are various...