Capitalism or Socialism: Corporate Social Responsibility Forms an Essential Part of Present Day Business Growth Model

Since the 1990 economic liberalization, private sector has been contributing effectively to India’s progress. From transportation services, to hotels and airlines, continuous commitment and vision has given many successful business models in the past. Does this mean that a private company’s role is just to strengthen the economic well-being of a nation?

As they say neither pure capitalism nor the socialistic principles are good for the country. It needs a mix of both. A company which can imbibe both these notions will go a long way. Companies have the responsibility to ensure that they only contribute to the betterment and not the detriment.

This is where the corporate social responsibility (CSR) comes into picture. It’s the continuing commitment by businesses to behave ethically, while also continuing the efforts to improve the quality of life of the workforce as well as being responsible towards society at large.

“Good company, Good people, Good environment! An unhealthy, critical office environment hampers the overall output however a good environment has the potential to improve the overall production. Sustainability, responsibility, sincerity, ethics and good environmental policies, if incorporated well, will help a business in becoming an efficient and successful example.

Valuing its Corporate Social Responsibility, multinational industrial conglomerate “Ruia Group” has shown immense commitment towards welfare of its employees, stakeholders, by also keeping the environmental aspects intact. Pawan Kumar Ruia, the company’s owner, with his vision has been committed to reach out to the underserved people in sectors like health, education, sports, and Art & culture.

Similarly, we have examples in Bimlendra Jha’s Ambuja Cements, Lokesh Saxena’s Disa India Limited as they continue to work holistically towards methods which are driven with sustainability and ethical values.

It’s a proud moment for any country if its indigenous brands succeed at the international level. It’s not only a testament of exemplary visionaries like Pawan Ruia and Lokesh Saxena but also shows that private entities driven with ideas can make a huge difference. That said, what also matters at the end is how much the company gives back to the world. People appreciate CSR activities as such responsibilities make them more aware about social issues around them. They strive to be a caring part of the community and help those who’re in less fortune circumstances.