US firms, Spend 44 per cent Of Global Company Spending On CSR In India

US firms, Spend 44 per cent Of Global Company Spending On CSR In India

The American Chamber of Commerce in India (AMCHAM), a leading apex chamber of U.S. industry in India, successfully concluded its 8th CSR Conference in New Delhi.

ANIUpdated: Friday, May 10, 2024, 03:58 PM IST
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US firms, Spend 44 per cent of global company spending on CSR In India | Pixabay

The American Chamber of Commerce in India (AMCHAM), a leading apex chamber of U.S. industry in India, successfully concluded its 8th CSR Conference in New Delhi.

The inaugural address was made by Dr. Bhaskar Chatterjee, former Secretary to the Government of India, Ministry of Heavy Industries and Public Enterprises, and former Director General & CEO, Indian Institute of Corporate Affairs, Ministry of Corporate Affairs, followed by Dr. Alexandria Huerta, Deputy Mission Director, USAID/India.

Dr. Chatterjee is widely acclaimed as the 'Father of Corporate Social Responsibility' (CSR) for his instrumental role in framing and issuing the CSR guidelines for public sector enterprises (PSEs) in April 2010.

He has also made notable contributions towards the inclusion of Section 135 in the Indian Companies Act, 2013 and shaping rules and policies on corporate social responsibility (CSR).

The conference, titled "Mainstreaming CSR: Intersecting with Business and Climate," had active participation from multiple corporations, advisory agencies, and social sector organizations, with speakers and delegates engaging in insightful discussions on varied aspects of CSR and philanthropy with a particular focus on integrating business strategies with sustainability initiatives.

In her special address, Dr. Alexandria Huerta, Deputy Mission Director, USAID/India, said, "Together with the private sector, USAID is fostering transformative partnerships that leverage finance and technology to produce scalable and replicable results, with the potential to stimulate economic growth in India, the U.S., and beyond. The role of AMCHAM in bringing stakeholders together to improve lives by addressing development challenges is vital, and we are proud of our expanding partnership and combined capacities to achieve more impactful and sustainable results."

The conference commenced with a discussion on the vital role of digital public infrastructure (DPI) in India's development, emphasizing collaboration among corporations, governments, and non-profits in sectors like education, health, and financial inclusion.

This was followed by a discussion highlighting the increasing importance of environmental, social, and governance (ESG) considerations in CSR, urging corporations to broaden their efforts for greater impact. The conference also looked at the challenges of scaling non-profits and discussed strategic actions to leverage resources effectively.

The conference concluded with a discussion on directing CSR funds towards underdeveloped or underserved regions, emphasizing collaboration and inclusive development. Prominent speakers included representatives from Intel, Coca-Cola, Sahamati, Deloitte, Flipkart Group, CRY India, and Pyxera Global, among others.

Commenting on the conference theme, Ranjana Khanna, Director General CEO, AMCHAM, said, "The impactful conversations at this conference have sparked a collective determination to elevate CSR and sustainability beyond business practices. The largest share, i.e., 44 per cent of the total global company spends on CSR in India, comes from US firms, underscoring their commitment to social responsibility and aligning efforts to amplify the impact. Everyone agrees that the time is ripe for all stakeholders to play in a chorus to allow for business, social good, and environmental action to work in harmony, eventually leading to lasting change for our future generations."

The event highlighted the importance of collaboration between stakeholders to drive impactful CSR initiatives aligned with sustainable development goals, fostering synergy between business, philanthropy, and climate action.

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