Nowadays there is a growing awareness and acceptance of Corporate Social Responsibility (CSR). Corporate social responsibility (CSR), also known as corporate responsibility, corporate citizenship or responsible business is a form of corporate self-regulation integrated into a business model. The CSR policy enshrines self-regulating mechanism whereby business would monitor and ensure adherence to law, ethical standards, and international norms.
Although CSR is not a legal requirement but it is seen as a good business practice as it brings sustainable ethical practices within the community. CSR also helps a company to operate in an ethical and sustainable manner. Corporates, as part of their CSR, embrace responsibility for various activities that impacts consumers, employees, communities and other stakeholders.
The deliberate inclusion of public interest while doing business in any market, whether big or small, forms an essential core of CSR. The involvement of media and reporting of CSR initiatives makes ethical and complete business sense. It has much broader implications for the society as a whole as it can reduce too much dependence on government sector for bringing about healthy social change.
Experience has demonstrated that a good number of government run programs in Kashmir quickly become entangled in political manipulation, corruption and diversion. In this scenario devoting a small part of business resources towards social welfare, would go a long way in promoting ethical business practices in existing and new business entrants in the State.
Trade bodies in Kashmir, as part of their commitment towards CSR, can play an important role in bringing uniformity and encouraging companies to take firm steps towards CSR. A certain percentage of profit for activities that concern environment and social issues may be good to begin with. The reporting of CSR initiatives by the local media and its influence on local communities would help in setting example for others to follow.
The government backing to report CSR would create a better reporting environment and help in rewarding the socially conscious companies. It would be worth if trade bodies in Kashmir come up with a CSR index which rates businesses on five important indexes – education, healthcare, environment, rural development and promoting entrepreneurship.
Corporate social responsibility is also about training young minds and inculcating a spirit of innovation among them. Although the concept is still infancy in Kashmir, a beginning is to be made to provide a stepping stone for fostering a spirit of thinking big.
(Author is working in MNC in Dubai and is a freelancer)
