Mr Veerappa Moily minister for corporate affairs said that the government will encourage a voluntary approach and act as a facilitator for companies to adopt social, environmental and economic responsibilities.

Mr Moily, while addressing ASSOCHAM 3rd Global CSR Summit titled Indispensable to Corporate DNA, said that the trajectory of overall growth and development takes a positive turn when businesses are supported by appropriate policy regime that encourages systematic movement towards responsible thinking, decision making and progressive movement towards sustainability.

He added that "Such a responsible approach on part of business duly supported by government alone will secure our future and ensure that whole benefits accrue to people and our planet, as businesses continue to make surpluses that can be re-invested for economic growth."

Mr Moily also called for putting together a new national policy on corporate social responsibility with participation from industry leaders and government representatives. He said the government is not in favour of imposing its views as the corporate sector realises the importance of CSR initiatives aimed at bottom of the pyramid.

Planning Commission member Mr Arun Maira said companies must measure and report the impact of businesses on environment and people’s lives. He added that "In India, we are getting out of touch with many people. There is a general lack of faith in institutions, governments and businesses."

ASSOCHAM president Mr Dilip Modi said Indian companies are gradually moving away from allocating a percentage of profits for CSR activities and making it as part of their culture and daily operations.

He added that "The whole paradigm has changed. We can no longer be oblivious to our environment or to the needs of our workers, communities and society at large. The question is whether corporates should be made to comply by law in their CSR engagement or whether it should be left to them to voluntarily adopt standards."

(Sourced from www.orissadiary.com)