CORPORATE Social Responsibility (CSR) is gaining importance in the world of globalisation with increased number of informed citizens and changing social expectations. With a strong linkage and correlation between CSR and business, between social empowerment and commercial sustainability, the Confederation of Indian Industry (Norhtern Region) and the YES Bank have jointly brought out a knowledge report on CSR as a tool for inclusive growth, social equity and affirmative action.
CII Northern Region chairman Deep Kapuria says CSR is an important business strategy because wherever possible consumers want to buy products from companies they trust; suppliers want to form business partnerships with companies, employees want to work for companies they respect and NGOs want to work with companies seeking feasible solutions and innovations in areas of common concern.
He said in conjunction with a development paradigm that ensures sustainable growth, CII works with strategic partners to build on shared synergies, conserve the environment and create sustainable value in sync with its unique theme for the year,’ Building people, building India.’
YES Bank MD and CEO Rana Kapoor claimed that the bank has identified itself in a leadership position in the country’s march to economic and human development. YES Bank remains committed to assisting stakeholders in developing sustainable and commercially viable CSR projects on a public private partnership (PPP) mode incorporating the principles of social equity and community participation.
CSR involves a business identifying its stakeholder groups and incorporating their needs and values within the strategic and day-to-day decision-making process. It, however, goes beyond the occasional community service action as CSR is a corporate philosophy that drives strategic decision-making, partner selection, hiring practices and, ultimately, brand development.
The report points out that CSR is now being looked at as a concept different from pure philanthropy and more in tune with strategic intervention that ultimately benefits industry.
CII has adopted the visionary route of formulating a code of conduct for affirmative action.
The company affirms its recognition that its well being is interlinked to all sections of the society. The company believes in equal opportunity in employment for all sections of society and considers it a component of its growth and competitiveness