The Hindu Business Line : `Corporate social responsibility, the very purpose of business'

CORPORATES have a responsibility to pay back to society in which they exist and flourish. Corporate social responsibility (CSR) is no more an option but an imperative for sustainable businesses, opined speakers at a summit on CSR titled, `Corporate Citizenship: Beyond Profits, Towards Success', organised here today by The Bengal Chamber of Commerce & Industry.

Speaking on the occasion, Swami Jitatmananda of Ramakrishna Mission, Rajkot, said it was important to link the success of the inner world with the science of the outer world. The underlying theme of CSR was "from the individual to society". Such services should be voluntary for fulfilment in life, he said.

According to Mr Anant Nadkarni, General Manager, Group Corporate Social Responsibility of the Tata Group, CSR was not the bottomline of business but the very purpose of it. Sixty-six per cent of the Tata Group's profits are spent through trusts. The Tatas spend Rs 160 crore on community development every year and another Rs 100 crore annually on environment management. Mr Nadkarni said that while it was important for corporates to make profits, it should not be their sole aim. "When you discharge your social obligations by choice, it becomes an initiative and not just a responsibility," he said.

Mr Suhel Seth, Managing Director of Equus Advertising Ltd, said very few corporates undertake CSR initiatives "because CSR is not treated as a profit centre". He said both individuals and corporates have a responsibility towards the public at large.

Others who spoke on the occasion include Maj Gen Zameer Uddin Shah, General Officer Commanding, Bengal Area, Dr Ram Babu, Associate Director of sustainable Business Solutions of PricewaterhouseCoopers, Dr Dipankar Gupta, Head Business Ethics & Integrity of KPMG, Mr Sanjiv Lamba, Managing Director of BOC India Ltd, and Mr Nitin Atroley, President (Corporate Affairs) of Star India Pvt Ltd.