The International Business Leaders Forum calls for stronger partnerships as Indian Government defines business responsibilities
International Business Leaders Forum (IBLF) presses for stronger partnerships, following the Indian Ministry of Corporate Affairs' release last month of 'National Guidelines on the Social, Environmental & Economic Responsibilities of Business'.
(3BL Media / theCSRfeed) August 1, 2011 - Last month, the Indian Ministry of Corporate Affairs released India’s National Guidelines on the Social, Environmental & Economic Responsibilities of Business. This is an important milestone, providing companies with a clear steer on the expectations of Government, developed in consultation with business and civil society and with the Indian context in mind.
Speaking in New Delhi at the Economic Times / BIMTECH Global Summit on CSR and Transparency, International Business Leaders Forum (IBLF)'s India Director Joe Phelan called for stronger partnerships between business, government and civil society. He expressed: "The new Guidelines make clear the critical role that business can play in India and provide a framework for companies to develop, implement and report on their responsible business strategy. It is essential that business, government and civil society work together to find solutions to the challenges that face business and society in India today."
Shri Murli Deora, Minister of Corporate Affairs said: “I am sure that the National Voluntary Guidelines will strengthen and enable to Indian corporate sector to evolve into a global leader in responsible business.”
Private companies will not be mandated to spend a minimum proportion of profits on ‘CSR initiatives’ in the way that State owned enterprises are now required.