Praful Patel calls for measurable value from Corporate social responsibility

MUMBAI: Corporate social responsibility ( CSR) needs to be undertaken for creating measurable value for the society and should not be considered a compulsion, Heavy Industries and Public Enterprises Minister Praful Patel said today.

"CSR should not be seen as a compulsion but as an activity in terms of doing things which are meaningful and will create more value for the society," Patel said, talking to PTI at a symposium on CSR organised by his ministry in association with World Bank and Harvard Business School.

He said CSR activities should be such that they have a larger measurable impact on the society.

"The public and private sectors are engaging in CSR activities. But what is needed is that they should pool their resources and undertake larger projects that will have big social impact," he said.

The government is seeking assistance to facilitate training courses and exchange programmes with international organisations and institutes such as the Harvard Business School, which opened its first classroom in the country here yesterday.

The government has already framed guidelines for memorandum of understanding (MoU) between central public sector enterprises (CPSEs) and the government that lays stress on the link of CSR with sustainable development.

"We are also learning from the successful CSR practises of the state-owned enterprises in the developed and developing economies through conferences, workshops, seminars and state tours for greater advocacy and research in CSR," Patel said.