Tuesday, May 21, 2024
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UN Official Highlights India’s Pivotal Role in Global Sustainable Development through CSR Initiatives

At a recent CSR conference in India’s capital, a senior United Nations official praised India for its significant contributions to global sustainable development. The UN Resident Coordinator in India, Shombi Sharp, emphasized the vital role of Indian businesses in this arena, particularly in their investments towards social causes. Sharp underscored that business is a crucial catalyst in achieving the Sustainable Development Goals (SDGs), with India playing a central role.

Sharp pointed out that Corporate Social Responsibility (CSR) is critical for India as it strides towards becoming a USD 5 trillion economy. He noted that Indian companies are leading the way in CSR, especially highlighted by their contributions during the recent COP28 summit. Under Indian law, certain profitable companies are mandated to allocate a minimum of two percent of their average three-year net profit to CSR activities each financial year. This legislative move has significantly propelled CSR activities in the country.

Sharp also mentioned that during India’s presidency of the G20 and hosting of the G20 Summit last year, the country showcased its leadership in addressing global issues like debt and investment in education and health.

At the conference, various industry leaders shared insights into the CSR landscape. Farhad Forbes, Co-Chairman of Forbes Marshall, discussed the challenges of impact measurement and transparency in CSR. He noted a geographical disparity in CSR efforts across India, with economically stronger states receiving more funds compared to disadvantaged ones.

Shridhar N E, Chief Sustainability Officer at Titan Company Ltd, highlighted the importance of aligning corporate competencies with CSR goals for national corporations. Anubhav Kumar, Head of Strategy and Policy at Boeing India and South Asia, announced Boeing’s collaboration with AIIMS to inaugurate a pediatric facility. Additionally, Vedanta’s Group Director, Ritu Jhingon, shared the company’s commitment to invest Rs 100 crore in animal care as part of their CSR initiatives.

The conference, organized by the Confederation of Indian Industry (CII), marked a significant platform for discussing the evolving role of CSR in India’s economic and social development.

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Tuesday, May 21, 2024

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