How is Corporate Social Responsibility (CSR) emerging as a business-led solution for addressing development challenges in India?

Corporate Social Responsibility CSR has been mandated under Companies Act 2013 where companies earning above certain threshold need to contribute minimum 2% of profits over last 3 years, and it is an effort towards ethical business and social justice. Business-led solution for developmental challenges: (1) For enhancing women labor force participation rate currently 42% as per RFIs 2024. (2) Recharge Program by Mypal for reshilling women after career breaks. (3) Education reforms to enhance human capital formation through Swami Jali Initiative by Tech Mahinda. (4) Better health infrastructure through TATA Concel Initiative.

Moving towards environmental sustainability through plastic free initiative by Microbio. Technology integration to solve developmental challenges through skilling via digital means. Challenges faced: CSR concentrated in green sector and health education. Most than 70% with health sector collaboration with NGOs to bring ground level changes showed towards urban areas and few southern states. Diversification of CSR based on sector-specific consultation. Tieup with local NGOs for better outcomes. Attitude change towards CSR. Instead of concereting CSRs on additional compliance, corporates should have the ownership to give back to society and adopt compassionate capitalism.