Business Responses Towards Corporate Social Responsibility and Sustainable Development Goals During Covid-19 Pandemic (original) (raw)
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"Corporate Social Responsibilty: A study of selected Indian Companies"
ABSTRACT India is one of the top five fastest developing countries and also ranked 6th largest economy in the world with a nominal GDP of $ 2.848 trillion that is really remarkable, but it’s still a developing country, not a developed country. India has been ranked 131st out of 188 countries, as per latest Human Development Report (HDR) 2017 by the United Nations Development Program (UNDP) and Oxfam an International NGO also Reported that- The richest 1% in India cornered 73% of the wealth generated, that shows the biggest income inequality. Where one side India has a lot of industrial activity, good economic condition and people have high income but on another side inequality in income, regional disparities in education, health and living standards also exist. To overcome from economic inequality and to raise the standard of living government of India time to time introduced new policies, rules and regulation, law, scheme, etc. through which they can achieve their sustainable development goal. Even the main objective to introduced CSR law in companies’ act 2013 is for sustainable development of society. The new CSR provision and its proper implementation can take India toward the next level of development. Law and policies have acted as a catalyst in the process of social transformation of people. The concept of CSR is governed by clause 135 of the Companies Act, 2013 and encourages companies to spend at least 2% of their average net profit in the previous three years on CSR activities mentioned in Schedule VII of the companies act 2013. When these corporate shares a little of their prosperity for the development of a country in form of providing education, food, healthcare, skill development, rural development, sport etc. this helps in the overall development of country and simultaneously improvement in the future employability. The purpose of this research is to analyzed the initiative taken by the eligible Indian companies’ under the provision of Corporate Social Responsibility (Sec 135) of The Companies Act 2013.Study was carried out on a 200 Indian companies (100 from public sector and 100 from the private sector and secondary data obtained from their Website, Annual report, CSR policy, CSR report, etc. of three consecutive financial years (FY 2014-15 to FY 16-17). Six related Hypotheses were developed and subjected to statistical analysis, using the Chi-square statistical method and two ways ANOVA without replication and some mathematical calculation. Results obtained reveal that FY 2014-15 only 38.5% of eligible companies meet the minimum spending requirement on CSR. In the same way in the year 2015-16 out of 200 only 114 & 2016-17 out of 200 only 109 selected companies meet the requirement. In coming years 2015-17 there is slight improvement in expenditure on CSR activities. In the public sector most commonly channel used for the implementation of CSR activities are direct and with Ngo same with the private sector. As compared to the public sector, private sector gives more preference to their own Foundation for implementation of CSR activities. The selected Indian companies are directly engaged in CSR activities mostly in the area of Rural Development, Education (especially Girl child), Healthcare, and sanitation and skill development. But In the area of Technical Incubator, Farmers, sport, mid-day meal, the contribution is negligible. Spending only on sanitation, health and education did not meet the expected result for which government introduce the CSR provision in the Companies Act 2013. If a corporate share a little of their prosperity for the development sportsperson also, it will help them to improve their overall personality and simultaneously improves the future prospects in terms of employability. Companies expressed their commitment towards Corporate Social Responsibility and tried to defend their failure to spend 2% in initial year by expressing that CSR Policy formulation is under process, Location of projects could not be finalized and Not formed CSR Committee, now the mentioned that funds have been earmarked for CSR activities and would be carried forward for the next year. But in next year again most of the companies not attain the CSR provision. The paper suggested a more pragmatic approach toward social responsibility compliance among business organizations in India. This Research will be useful for the Practitioners-government, implementing agencies, corporate, lawmaker, Policymaker, CSR officer and committee alike. This feedback will then act as a benchmark for any corrective action that may be required