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Corporate Social Responsibility

Corporate social responsibility (CSR) is a kind of business strategy undertaken by companies and organizations to make profits as well as to participate in social welfare programs happening around them. The term CSR itself is associated with the related term “Corporate citizenship”
By doing Corporate social responsibility it reflects the company reputation, culture and business practices. Nowadays, social responsibility has become important to investors and customers who chase investments that are not only profitable but also contribute to the social welfare of society and environment.

India is the first country to have made it compulsory for companies to engage in corporate social responsibility (CSR), following an amendment to the Companies Act, 2013 in April 2014.

As part of their CSR compliance, firms can invest their profits on education, poverty, gender equality and hunger. However, if a firm’s CSR money was not fully utilized within a year, it could roll over and be spent together with the next fiscal year’s allocation.

The new amendments under the Act require that any unspent CSR funds should be deposited into funds as prescribed by Schedule VII of the Act prior to the end of the fiscal. This must be operationalized within three years from back date lest this fund shall move into one amongst listed funds.

CSR refers to how an organization evaluates its impact on society and determines its responsibilities. The process begins by appraising each company in terms of these:

• Purchasers;

• Vendors;

• Environment;

• Neighborhoods; and,

• Workers.

The most strategic programs ensure that besides conforming to legal provisions organizations’ investments also do not violate marginalized groups or the environment.CSR should also be sustainable – entailing manageable operations that do not negatively affect businesses. Companies now have specialized units and officers who develop specific CSR strategies, policies and objectives and then set budgets for them separately. The listed companies in India spent INR 100 billion (US$1.4 billion) on a variety of programs including but not limited to education programmes, livelihood skills development programs, social welfare, healthcare and environment conservation; while Prime Minister’s Relief Fund registered an increase of 139 per cent in CSR contribution over the last one year. Most funds went to the educational sector (38% of total), followed by hunger, poverty and public health (25%), environmental sustainability (12%) and rural development (11%). There was no spending for such initiatives as technology incubators, sports activities or armed forces modernization which was just some inequalities.

Corporate Social Responsibility activities for healthcare for children

CSR activities for healthcare for children requires a multifaceted approach that addresses various aspects of child health and well-being. Here are some activities that can be included in a CSR program focused on healthcare for children:

• Health Screenings and Check-ups

• Immunization Drives

• Nutrition Education and Support

• Dental and Oral Health Initiatives

• Mental Health Awareness

• Vision and Eye Care Programs

• Mental Health Awareness and Support:

• Health & Wellness Counselling 

• Hygiene Promotion Campaigns

In light of recent alterations in CSR provisions, industry research estimates that CSR compliance will improve significantly between 97-98 percent by FY 2019-20.