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CSR makes commercial sense for corporate to invest in society: Union Minister of Commerce & Industry Suresh Prabhu
At the CSR Awards function held in New Delhi on August 2, the Union Minister of Commerce & Industry Suresh Prabhu said that Corporate Social Responsibility (CSR) has become an exemplary model in the country for companies who have realized that their financial success is incomplete without support of the society, stated an official release. The CSR Awards were presented to winners under different categories: education, healthcare, skill development, women empowerment and livelihoods.

Prabhu added that the CSR was a reality and it made commercial sense for corporates to invest in society. He speculated that 'by the time India becomes a 10 trillion economy in 2035, CSR funds will also grow and will to be invested in social issues'.

He urged the corporate sector to work towards providing 'new technology and managerial expertise to address the crisis in availability of potable water' since said 'availability of water is going to be a major issue' in the days to come.

He held forth that corporates needed to 'provide new technology and managerial expertise to address the crisis in availability of potable water'.

Further, he called upon the corporates for joint efforts by the government of India and corporate houses by pulling all resources: financial, managerial, policy framework and local resources, to address the critical challenges in sectors of water, education and health care'.

Here is the ABC of the CSR to understand it:

A: Aim is to go beyond earning just profits from the members of society and give back to society part of their profits

B: Basic responsibility of the corporations to make positive impact on the societies they operate in and help them to succeed

C: Contribute towards economic, social and environmental development of the society at large.

D: Developing positive, mutual and symbiotic relationships between the businesses and the societies in which they operate

E: Environment, ecological and societal sustenance accountability of the corporate

Here is quote by Carrie Underwood that aptly describes the concept, "Successful people have a social responsibility to make the world a better place and not just take from it."

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