Traditional CSR Vs Creating Shared Value: A Process of Stakeholder Engagement

The household CSR seldom focuses on large-scale effects and has not created systemic solutions to India’s most pressing social issues. CSV force firms to view social progress as a key factor in the development of their business strategy. CSV starts from a different point of view than traditional CSR. Responding to social concerns does not require a trade-off against corporate profitability rather companies can advance their economic interests precisely by creating new value through thoughtful, strategic initiatives that simultaneously contribute to society as a whole. In India, corporations that follow the CSV vision often intend to reconceived products and markets to meet the needs of low-income and rural populations this is possibly not unexpected, as the nation is home to millions of people who lack access to basic products and services through conventional channels consider a company that makes hygiene products. At present inclusive growth and creating shared value is a more powerful approach than traditional CSR, and India has an opportunity to lead the global dialogue about a more balanced form of capitalism. This a apt time for a new approach which focuses on business resources directly on balancing economic and social interests to create meaningful impact, strengthening the country’s long-term economic attitude.