Most big businesses are rapidly developing Corporate Societal Responsibilities programmes in order to contribute to our social progress. Following the implementation of Corporate Social Responsibility as a mandate for big organisations in India. For being a high-performing business in CSR efforts, the Indian government bestows several medals and prizes. #ThinkWithNiche
The Imaginary journey of CSR in India
In India, there are legendary examples of CSR. Those who make significant contributions to India's growth and advancement. Kings in ancient India recognised the value and relevance of social duty. They were concerned about the wellbeing of their society, therefore they built institutions for the impoverished in their communities. The majority of great rulers believed in societal development. The gathering of societal and economic growth will enhance the sustainability and growth of each person and society as a whole. Now that large profit-making businesses are working for social advantages, they are providing important assistance.
History of Corporate Social Responsibility in India
Preliminary Phase of CSR
There were Rajputs and Ashoka who controlled the kingdoms and empires in early India, during the governing period of India. They have undertaken several social obligations in order to enhance the quality and level of living of their kingdom's people. For the impoverished, they constructed houses, planted trees, and cleaned the waterways. They assigned a large number of workers to work in their Mahal.
How CSR become Mandatory in India
Initially, CSR began with the TATA groups in India; the capacity of Indian corporations to contribute to society is strong. As a result, the government has made the decision to make CSR mandatory in India, making it the first country in the world to do so under the new Companies Act, 2013. Section 135 of the Companies Act, 2013 mainly discusses the obligations and legal necessity of corporations in India to spend money on CSR initiatives. The act's Schedule VII specifies where and how money can be spent. As of today, the company's attitude toward CSR is that it does not accept responsibility but merely transfers the two percent allotted for CSR activities to the Prime Minister Fund in order to comply with the statute. Many firms, including TATA Group, Reliance Group, and Mahindra and Mahindra, are now engaging in CSR initiatives and making significant contributions during COVID-19 to help our country cope with this deadly epidemic.
Most major corporations are quickly implementing Corporate Social Responsibilities initiatives in our social growth. After Corporate Social Responsibility became a requirement for large organisations in India. The Indian government bestows various accolades and awards for being a high-performing firm in CSR initiatives.