Law Minister Salman Khurshid has called for establishing socially responsible business models, saying Corporate Social Responsibility (CSR) is not merely a question of morality but an example of good economics.
"Economics must be rooted in morality and good governance. The Corporate Social Responsibility cannot merely be seen as a question of morality but it is about good economics," said Khurshid.
The new law minister, formerly a corporate affairs minister, added the issue of Corporate Social Responsibility must be debated threadbare among human rights experts and business leaders.
Khurshid was speaking at a seminar on 'Human Rights, Business and Corporate Social Responsibility' organised by the O P Jindal Global University in partnership with FICCI and the Global Compact Network, India.
"The issue [of Human Rights, Business and Corporate Social Responsibility] needs to be addressed from a moral, governance and economic perspectives. Perhaps we need reforms in all three levels," he said.
Speaking on the occasion, National Human Rights Commission (NHRC) member PC Sharma, "The government should not play the role of a broker for corporates but should act as a referee."
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Sharma favoured "a business model in which the local community prospered along with the business."
Referring to a number of incidents in UP and Orissa, where local citizens were involved by business houses in their ventures, Sharma stressed, "The local population must be taken into confidence in order to prevent their alienation."