While the introduction of the new Companies Bill in Parliament is eagerly awaited, one issue continues to hold a great amount of attention. Although the concept of corporate social responsibility is generally well-accepted and welcome, more voices are being heard against imposition of a mandatory requirement. Recent pieces by Pratap Bhanu Mehta and Ajay Shah and a Business Standard editorial argue that a mandatory CSR would amount to a tax and even expropriation, and that social responsibility must be dealt with at the shareholder level rather than at the company level (with the intention that shareholders who reap rewards from investments in companies may contribute at their volition to socially responsible commitments rather than imposing social duties on companies).
“The Vedas speak of both pravrtti, outward orientation, and nivrtti, inward reflection. It is one thing to “look out there” and see where money might be made, but it’s another to “look within myself” and find my inner integrity so that my efforts as seen within not only an economic, but also a social and ecological context.” – Dr. Charles Jacob