CSR MAKING GOOD BUSINESS SENSE IN INDIA: OTHER DEFINITION(2)

CSR BPO STANDS AT VEDANTA

1. B Stand with Building the people

2. P stand with proactively engaging

3. O stand with Opportunity to grow

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CSR MAKING GOOD BUSINESS SENSE IN INDIA: OTHER DEFINITION(1)

OTHER DEFINITION(1)

The World Business Council for Sustainable Development in its publication “Making Good Business Sense” by Lord Holme and Richard Watts used the following definition. “Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local Community and Society at large ”

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CSR MAKING GOOD BUSINESS SENSE IN INDIA: UNDERSTOOD IN INDIA(2)

Four Indians, including Sunil Mittal, Chairman and Managing Director of the Bharti Group and non government organization (NGO) activist Rohini Nilekani were featured in the Forbes list of ’48 Heroes of Philanthropy’ It is also praiseworthy that India has been named among the top 10 Asian countries that have been paying increasing importance to Corporate Social Responsibility (CSR) disclosure norms. About 36% of activities under CSR have been concentrated in Maharashtra while 12% is being carried out in Gujarat. According to ASSOC Ham’s ‘Eco Pulse Study’ on CSR for 2009-10, some 300 Corporate Houses, on an aggregate, have identified 26 different themes for their CSR initiatives. Of them, community welfare is on top of the list, followed by education, environment, health and rural development.

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CSR MAKING GOOD BUSINESS SENSE IN INDIA: UNDERSTOOD IN INDIA(1)

INDIA(1)

Is CSR new to India? Certainly not! Companies such as those of the Tata and Birla groups have been carrying on activities in this regard long before the concept became a popular one. Despite all this, we find that CSR in India remains in a very nascent stage. A few public sector companies and some in the private sector follow this.

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CSR MAKING GOOD BUSINESS SENSE IN INDIA: ABBREVIATIONS

1. BPO VAL CSR: Building the people, proactively engaging them & giving an opportunity to grow
2. CSR Group: CSR and its subsidiaries from time to time
3. CSP: Corporate social performance
4. LC: Local communities
5. KBK: Kalahandi, Bolangir and Koraput
6. CDI: composite development index
7. LSE: London Stock Exchange
8. VAL: Vedanta Aluminum Ltd

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CSR MAKING GOOD BUSINESS SENSE IN INDIA: INTRODUCTION(3)

INTRODUCTION(3)

Big business was criticized as being too powerful and for practicing anti-social and anti-competitive practices. Laws and regulations, such as the Sherman Antitrust Act, were enacted to rein in the large Corporations and to protect Employees, Consumers, and Society. An associated movement sometimes called the “Social Gospel,” advocated greater attention to the working class and the poor. The labor movement also called for greater social responsiveness on the part of business. Between 1900 and 1960 the business world gradually began to accept additional responsibilities other than making a profit and obeying the law.

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CSR MAKING GOOD BUSINESS SENSE IN INDIA: INTRODUCTION(2)

In the century after Adam Smith, the Industrial Revolution contributed to radical change, especially in Europe and the United States. Many of the principles espoused by Smith were borne out as the introduction of new technologies allowed for more efficient production of goods and services. Millions of people obtained jobs that paid more than they had ever made before and the standard of living greatly improved. Large organizations developed and acquired great power, and their founders and owners became some of the richest and most powerful men in the world.

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Representative APR 391%

Let's say you want to borrow $100 for two week. Lender can charge you $15 for borrowing $100 for two weeks. You will need to return $115 to the lender at the end of 2 weeks. The cost of the $100 loan is a $15 finance charge and an annual percentage rate of 391 percent. If you decide to roll over the loan for another two weeks, lender can charge you another $15. If you roll-over the loan three times, the finance charge would climb to $60 to borrow the $100.

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