The industry should integrate Corporate Social Responsibility (CSR) into a modern strategy, ensuring that the financial drivers and sustainable development metrics are embedded into the mainstream businesses, according to Chief Justice of India Ranjan Gogoi.
Delivering the prestigious Dr APJ Abdul Kalam Memorial Lecture instituted by the industry body ASSOCHAM, Gogoi said: “In oder to achieve the goal of social justice in the best possible manner, it is necessary that CSR be integrated into our modern business strategy. ‘sustainable’.”
This can be done by making businesses to adopt, demonstrate, and practice more holistic approaches to business, where financial drivers together with sustainable development performance (i.e. social equity, environmental protection, and economic growth) are incorporated into mainstream business strategy and embedded in organizational values”.
Emphasizing that CSR is much more than charity, he said it requires the companies and businesses to act beyond their legal obligations to integrate social, environmental and ethical concerns into a company’s business process.
Gogoi further said India is still a developing country and “although our economy began to thrive post privatization and globalization, our situation is different from that of the developed west.”
Corporate taxation provides an important instrument for ensuring that a reasonable proportion of wealth must benefit the fellow citizens, he said.
“Therefore, steps towards improving the transparency of resource transfers between business and the state is necessary,” he suggested.
Moreover, one of the areas of greatest weakness in relation to social protection relates to the extremely limited attention within the CSR agenda to the vast majority of workers, producers and enterprises in the country that are associated with micro- and small enterprises, small-scale agriculture and the so-called informal sector, he added.
Paying rich tributes to Dr Kalam, Justice Gogoi said he was not only a man of science, but also a human being with a scientific temper and an acclaimed and loved teacher who believed that application of scientific knowledge for the use of the community would be the greatest contribution of science in the progress of human life. Dr. Kalam may have worked in the frontier areas of Aerospace Engineering and Nuclear Science all his life; yet he never lost touch with the needs of his fellow citizens.
ASSOCHAM President Mr B K Goenka said doyens of Indian corporate world since the Independence struggle had contributed significantly in the form of deployment of their wealth to the worthy social justice causes.