In this article, we will explore how Indian companies have navigated CSR during the pandemic and what lessons they have learned. We will also discuss the opportunities and challenges for CSR in India in 2023.
By Nirbhay Lumde
Corporate Social Responsibility (CSR) has been a legal mandate in India for over a decade. Under this mandate, companies with stipulated turnover and profits must contribute 2% of their net profits towards Sustainable Development Goals (SDGs). 2022 marks the first-year post-pandemic, and companies have shifted their focus to supporting social development projects beyond COVID-19 and health.
Lessons Learned from CSR in 2022
The pandemic has presented Indian companies with unique challenges for their CSR efforts. However, many companies have risen to the occasion and have shown remarkable resilience and adaptability in their CSR efforts. One key lesson from the pandemic is the importance of flexibility and adaptability in the face of unexpected challenges. Companies that could quickly pivot their CSR efforts to address the needs of the pandemic were better able to make a meaningful impact. Additionally, companies that could maintain their CSR efforts in other areas despite the pandemic were better able to continue making progress on their long-term goals.
Another lesson learned is the importance of collaboration and partnerships in CSR. Companies that collaborated with other organizations, non-profits and government agencies could leverage the strengths of each organization to make a more significant impact. Additionally, companies that could engage their employees and other stakeholders in their CSR efforts were better able to create a sense of shared purpose and commitment to the cause.
Opportunities and Challenges Ahead in 2023
As we look ahead to 2023, Indian companies will continue to face challenges, including the ongoing impact of the pandemic and the need to address the urgent issues of climate change and social inequality. One opportunity for companies is to focus on sustainable development and the SDGs. The SDGs provide a framework for companies to align their CSR efforts with the most pressing global challenges, such as poverty, hunger, and climate change. Companies that integrate the SDGs into their CSR strategy will be better positioned to make a meaningful impact and create long-term value for their business and society.
Another opportunity for companies is to focus on stakeholder engagement and empowerment. Companies that can engage and empower employees, suppliers, and other stakeholders in their CSR efforts will be better able to create a sense of shared purpose and commitment. Additionally, companies that can engage and empower their stakeholders will be better able to gain trust and loyalty to drive long-term success for the business.
The pandemic has presented Indian companies with unique challenges for their CSR efforts. However, many companies have risen to the occasion and have shown remarkable resilience and adaptability in their CSR efforts. As we look ahead to 2023, Indian companies will continue to face various challenges and opportunities for CSR. Companies focusing on sustainable initiatives, stakeholder engagement, and social empowerment are better positioned to impact immediate communities and the world at large.
Nirbhay Lumde is Director – Sustainability & CSR CGI Asia Pacific Global Delivery Centers of Excellence, and his views are personal. He is also the author of the book Corporate Social Responsibility in India: A Practitioner’s Perspective. Follow @nirbhaylumde on Twitter and connect with him on LinkedIn at https://www.linkedin.com/in/nirbhaylumde
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