Updated: February 2, 2015 10:19:18 pm
The Vice-President Hamid Ansari on Monday said the Corporate Social Responsibility cannot be enforced through legislation and should be voluntary to make a change in social sectors in country. The Vice President was speaking at a function organised by International Marketing Corporation (IMC) in Mumbai.
Ansari said, “ The CSR accounts for Rs 20,000 crore. It can make a immense contribution for the development in the country.” Adding, “There is a great potential for CSR. But enactment of laws cannot make a difference. If CSR is made voluntary it would be a lead to greater development in building the public and private partnership in society.”
Ansari emphasised the need for the Indian industry to focus on “growth with equity” as part of the CSR motto.
The Companies Act, 2013 evolved the idea of CSR making mandatory for making certain class of enterprises, he said. The Indian Institute of Corporate Affairs mandate a minimum of 6,000 Indian companies to undertake the CSR projects.
“ “The answer, however, does not lie in enacting new laws to make CSR mandatory for all. It has a greater chance of success through voluntary commitments by all able enterprises, in private and public sectors. This would be a win-win proposition for the businesses and the society in which they exist and flourish,” Ansari said.
He further observed that CSR, traditionally regarded as a philanthropic activity, has evolved from institution building to community development through educational, cultural or research projects.
“It now needs to move forward from community development to becoming more strategic in nature by getting linked with business,” Ansari urged, calling for allocation of more resources for uplift of the weakest segments of society to ensure greater social harmony and national prosperity.
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