The 1991 liberalisation reforms increased the role of the private sector in the Indian economy. In the past 23 years, private sector contribution to the GDP has increased by over 75%. Today, even though India has over 1.4 million registered companies, organised industry employs a minuscule part of India’s workforce.
The disproportionate role of industry – in terms of resource allocation and employment – over our economy calls for a collaborative developmental strategy where the responsibility of public welfare is shared between the state and eligible private actors. Thereby, the mandated corporate social responsibility (CSR) funding under the provision of the Companies Act of 2013 was a much welcomed initiative towards this objective............click for more
Source: Economic Times