How Corporate India can Leverage a Mandatory CSR Bill to Shift Gears for the Long Term #Futureof
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The Customer Experience Company How Corporate India Can Leverage a Mandatory CSR Bill to Shift Gears For the Long Term Namrata Rana
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India, the third largest economy by purchasing power parity (PPP), has a new Companies Bill that nudges certain companies to invest two percent of their profits in corporate social responsibility [CSR] .
Transcript of How Corporate India can Leverage a Mandatory CSR Bill to Shift Gears for the Long Term #Futureof
The Customer Experience Company
How Corporate India Can Leverage a Mandatory CSR Billto Shift Gears For the Long Term Namrata Rana
India, the third largest economy by purchasing power parity (PPP), has a new Companies Bill that nudges certain companies to invest two percent of their profits in corporate social responsibility [CSR] .
Could this be an opportunity to solve India’s deep rooted problems?
4 thingsthat Corporate India can do to make it work
Collective FundsFor Greater Impact
Can corporate India collectively fund efforts to solve common problems?
Waste. Water. Education. Health. Safety
Social Impact BondsSMBs
The law would apply to about 3,000 companies in India and disburse $2 billion for CSR
activities. To make sure that this is money spent well, innovative financial products such as SIBs
will be critical.
Sustainable Innovation
Initiate best-in-class policies / reinvent a product that changes an entire industry
Indian companies’ unique culture, skills and intrinsic ability to innovate can establish unique ways to support society and build their brands.
NOTE - While R&D budgets cannot be accounted under CSR, partnerships with NGOs and innovative models that reach the needy can be developed via establishment of social enterprises.
CSR and Sustainability Education
Change needed in business school and postgraduate curriculum
Companies need suitably trained corporate executives who can gear up to the strategic and implementation requirements of their company.
CSR can yield strong results
If done strategically, rather than as a
standalone activity,
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