Corporate Affairs Minister Salman Khurshid today opined that India Inc should focus on CSR activities in their own interest.
"We should be able to quantify corporate social responsibility (CSR) like carbon credits as corporates cannot behave irresponsibly in social responsibility...(they) should act in enlightened self-interest," Khurshid said at an event here today.
The manner in which a company does the business itself shows its social responsibility, he said. "There is a need to internalise CSR to the 3Ws of business--what are we doing, why are we doing, and which way are we doing it," the minister said at two separate events of industry bodies Ficci and PHD Chamber.
Khurshid said his ministry is working on a set of guidelines for companies to voluntarily adopt CSR activities.
Ficci has submitted a draft proposal which, among others, suggests that corporates be given tax incentives on their CSR initiatives instead of making it binding on them.
Former Sebi chairman M Damodaran said the corporate leadership is responsible to the environment and the society around it, and not just to its shareholders.
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The Ficci and CII events were part of the nationwide activities being organised as part of the first-ever India Corporate Week, which would deal with topics like CSR and corporate governance.
The theme for the year is Corporate India and Inclusive Growth.