Exploring Economic Responsibility in the Indian Context
India is the first country to mandate economic responsibility as part of the law through an amendment to the Companies Act, 2013. The Indian context can help us understand the impact that CSR can have on important growth and development measures such as gender equality, poverty and hunger. According to a recent survey, since 2018, Indian companies have spent close to 1 Billion US Dollars on CSR initiatives such as skill development, educational programs, environmental conservation efforts and healthcare measures. Since economic responsibility has been enshrined into the Indian business model, many companies have undertaken popular initiatives that have created positive social change. Some noticeable examples include:
Tata Group: The Tata conglomerate has actively launched many CSR initiatives that seek to alleviate poverty through community improvement programs. Specifically, Tata has been responsible for creating self-help groups that aid impoverished women in rural areas to find gainful employment through skill-based empowerment workshops, community development initiatives and welfare programs. This company has also contributed to the education sector by giving numerous scholarships, endowments and grants to underfunded institutions. They’ve also partnered with various NGOs to facilitate AIDS awareness campaigns, actively contributed to the country’s healthcare initiatives through immunization campaigns, and developed essential healthcare infrastructure like local clinics and hospitals in rural areas.
Ultratech Cement: Ultratech Cement is India’s biggest cement manufacturing company. They specifically focus on rural empowerment by working with a network of 407 villages to promote self-reliant employment while maintaining sustainable business practices. This company has carried out various family welfare programs, provided healthcare services, and built essential infrastructures such as schools, clinics and roads. They have also been responsible for operating various immunization campaigns, medical camps and water conservation programs. They even worked with the Government of India’s Swachh Bharat Abhiyan (Clean India Mission), to construct toilets, and run sanitization campaigns and cleanliness drives in 38 villages.
Mahindra and Mahindra: Established in 1954. India’s pioneer automobile manufacturer has been extremely active in promoting literacy through social and economic assistance programs that help low-income families access educational services. They also run an NGO called “Nanhi Kali” that helps empower young women by supporting their education through grants, scholarships and other-similar financial assistance measures. This initiative has helped empower children from low-income families by aiding them in not only becoming socially and financially independent but by also improving women’s nutritional statistics and lowering fertility rates. Their intervention at the grassroots level has improved the learning outcomes of almost 30,000 underprivileged children.
