Mandatory CSR in India
The lower house of the Indian parliament has passed a new Companies Bill that requires companies above a certain size to ensure that they spend at least 2 percent of annual profits on corporate social responsibility (CSR) activities. The upper house of the parliament is likely to pass the bill into law soon.
A more common approach to CSR is corporate philanthropy. This includes monetary donations and aid given to local and non-local nonprofit organizations and communities, including donations in areas such as the arts, education, housing, health, social welfare, and the environment, among others. Some organizations do not like a philanthropy-based approach as it might not help build on the skills of local populations, whereas community-based development generally leads to more sustainable development.
Another approach is to incorporate the CSR strategy directly into the business strategy of an organization. For instance, procurement of fair trade products.
Greenearth Culture has embarked on…
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