The Concept of Corporate Social Responsibility was very much there in India However, for the past two years, while the country faced the Covid-19 pandemic, many dimensions related to it came up. Corporate Social Responsibility is the act of fusing environmental and social concerns with a company’s planning and operation. The basic idea behind fusing this idea was to reduce the adverse effects of businesses on society. We can define Corporate Social Responsibility as an effort to improvise a company’s eco-friendliness and increase its social impact.
In 2020, the companies (CSR Policy) Amendment rules 2020 was drafted to carry out amendments in the companies (CSR POLICY RULES), 2014. This brought in a balance between the interest of Corporates and society. In a pandemic where individuals were suffering from the shortage of cylinders or beds the idea of bringing in help from corporates by giving them benefits under the tax regime was proved to be helpful.
For a company to be socially responsible, it first needs to be accountable to itself and its shareholders. Often, companies that adopt CSR programs have grown their business to the point where they can give back to society. Thus, CSR is primarily a strategy of large corporations. Also, the more visible and successful a corporation is, the more responsibility it must set standards of ethical behaviour for its peers, competition, and industry.
The data available on the Ministry of Corporate Affairs website for money spend by big corporate under the flag of Corporate Social Responsibility shows the standard created. For the Financial Year 2019-20 Reliance industry spend 908.71Cr., Tata Consultancy Services spend 602.00 Cr., Oil and Natural Gas have spent almost 582.35 Cr. Big corporates have spent a lot to promote the environment and protect individuals’ rights. This not only helped the society at large but also provided relaxation to the big corporates in the form of tax deductions.
CSR tries to touch the triple bottom line that is Economical, Environmental and Social Performance. It is a proven fact that CSR is a effective tool to accomplish the 2023 goal of Sustainable Development. The Sustainable Development Goals are a universal call to action to end poverty and promote and protect individuals’ environmental and social rights.
There are seven pillars of Corporate Social Responsibility that helps in making strategy. These are as follows: –
- Use and reuse of resources for better implementation of Corporate Social Responsibility.
- Cross learning
- Nurturing and Supplementing Corporate Social Responsibility.
- Knowledge management and documentation
- Per beneficiary cost reduction and maximizing the impact while reaching more people
- Capacity building of the CSR workforce and re-skilling.
IILM University being a Management University has contributed a lot to fulfill its Corporate Social Responsibility in pandemic. IILM believes that social change should be deeply ingrained in the community of business leaders. It focuses on guiding and creating a businessman who knows the aspects related to Business Management. IILM Social Impact programming is designed to expand its PGDM student’s awareness of the pivotal role of management plays in society. It aims to inspire business leaders to create a positive, significant, and sustainable impact on society and the world.
IILM has various Social Initiative programs like the ICHHA Club, Donation Drives, and Blood Donation camps through which the University fulfills its Corporate Social Responsibility and becomes a brand.