Wyoming Breast Cancer Initiative
December 25, 2019
Epson receives EcoVadis Gold for Overall Sustainability
December 26, 2019
Companies in India are leading the global Corporate Social Responsibility funding chart, primarily after 2014 when the Parliament of India passed the Companies Act, 2013, enacted on 30th August 2014. The law made it compulsory for big companies registered in India to spend at least 2% of the net profits on CSR.
The common misunderstanding among a large group of citizens is that only Indian companies are mandated to invest in social cause. This, however, is not just inexact from the factual point of view but also in a sense that foreign companies are quite significantly engaged in CSR donations and events. From American Walmart to the UK-based HSBC Holding, a number of foreign companies working in India have been contributing to social causes in diverse fields.
Post the Companies Act of 2013, India became the first and only nation in the world to have a mandatory CSR Law. Although private corporations have always been contributing to the social growth of India, this act was a turning point in the history of CSR in India. Since the law comes from the parliament of the country, it becomes even more significant to see this insight of social development.
Recently, Adidas India partnered with Greensole, a Mumbai-based social venture, to raise awareness towards environmental sustainability. Nokia and HSBC, in the past, have worked towards cleaning water bodies and beaches in Mumbai. The US-based multinational retail giant, Walmart launched programme to empower MSME to promote growth and local businesses in India.
Proctor & Gamble announced INR 200 crore of Environmental Sustainability Fund in India to keep nature safe and clean. Multiple Indian leaders and lawmakers have in past lauded the efforts of these foreign based companies in promoting social causes in the country. India is on the verge of becoming a big economy in a couple of decades from now and these CSR initiatives would be of extreme importance as shareholders of the Indian economic growth.
