Mere financial contributions are not enough to make companies more responsible.
Five years after the Companies Act, 2013 made it mandatory for companies above a certain size and profitability to contribute a percentage of their profits to social development, talk of corporate social responsibility, or CSR, is everywhere. There are seminars, conferences, award functions and newspaper articles galore on the subject. It has also spawned a whole array of organisations and professionals to offer advice on how to do “CSR” better. These have probably cornered more of the money to be spent by companies on social development than NGOs. But other than this, what exactly has been achieved?