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PRIVATE BUSINESS - THE KEY
DRIVER OF GROWTH FOR
DEVELOPMENT OF POOR Rajesh Tandon
DEVELOPING COUNTRIES
President
Participatory Research in Asia
P rivate sector businesses and huge resources and contribute purposes. Another key aspect is
corporations are key drivers considerably, individually and sensitivity towards local culture and
of growth and development collectively to the socio-economic norms; as an entrant to those
in many of the world's poor development of the society. In essence, communities, a company (and its
developing countries. The corporate citizenship implies that such managerial leadership) needs to be
liberalization of markets, structural institutions have certain legitimate sensitive to those local norms and
economic reforms to boost incentives rights and obligations. Defined in a practices.
for people and business have created narrow sense, obligations can be
ample avenues to explore maximum limited to employees, suppliers and Finally, the large public is an important
possibilities to bring in socio-economic consumers. However, obligations can stakeholder too. With rapid
development of the society. also be understood in a broader social communications and global outreach,
context. large public is increasingly sensitive to
As far as current scenario of our corporate practices. The growing
country is concerned, private business Local community (where many middle class, cyber-linked youth,
has acquired a significant role in business operations of mining, watchful media and socially excluded
economic development of India. In last manufacturing storage and groups like women, dalits, tribals and
few decades, the country has transportation are conducted) in a minorities are watching corporate
witnessed a phenomenal growth, country like India always looks up to behavior not just how it complies with
expansion and diversification of private companies to provide them with the latter, but also the spirit of
business. opportunities for gainful livelihood, regulation CSR is a way of conducting
better quality of life for their children business by which corporate entities
Social and political acceptance of and more. A positive community visibly contribute to the social good.
private sector contributions in various relation is not merely about charity to Socially responsible companies use CSR
social and economic aspect of Indian which CSR funds and activities are to integrate economic, environmental
economy is growing fast. However, deployed. Nurturing sustainable and social objectives with the
recent 'big ticket' corruption scandals relationships with surrounding company's operations and growth.
put have a break on growth. In communities is about being a
addition, large scale protests by tribals responsible and responsive citizen, Therefore, CSR in the new Act that can
and other rural communities against albeit a corporate citizen with become one of the powerful levers for
displacement from their land, habitat considerable more resources and promoting and strengthening
and livelihoods have further painted influence than any individual. corporate citizenship in the coming
private business (in mining and decade. The real import of mandatory
manufacturing especially) as a In developing these relations, a prime CSR, therefore, is to encourage
menacing predator. aspect is company's treatment alignment of corporate values,
towards the natural environment. practices and operations towards
Private business corporation are Effluents and pollution of air, water making them respected and much-
institutions in society with potentially and land need to be addressed sought after corporate citizens of
enormous influence. They command seriously, not merely for compliance Indian society.
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