A harmonious synergy between business & social goals
In today’s fast-moving business age, companies need to maintain their hard-earned reputation and loyal customers. This is where a proper corporate social responsibility (CSR) strategy plays a significant role. A strong desire to compete in the global economy led to the integration of CSR into business strategy. A socially responsible organisation has a competitive edge over others in all spheres of business operations. CSR is a two-faced approach-based activity that not only benefits communities but helps businesses achieve the ultimate goal. Section 135 of the Companies Act introduces mandatory CSR contributions for large companies, making it the only mandatory CSR law in the world. According to the Act, all firms with a net worth above 5 billion rupees, turnover over 10 billion, or net profit over Rs 50 million are required to spend at least 2 per cent of their annual profits of the preceding year. In this article, we discuss the role of CSR in the cement sector and how it has changed with the new age of globalisation.