CSR budgets must create social, environmental, business value: VK Saraswat

The corporate social responsibility budgets of companies must create social, environmental and business value, Niti Aayog member V K Sarawat said on Thursday.

Addressing the 'National CSR Network' virtual round table, Saraswat further said corporate social responsibility (CSR ) should also promote artificial intelligence and automation activities.

''CSR budgets must create a social, environmental, and business value. CSR must have a compelling value proposition,'' he said.

Saraswat pointed out that year-on-year data shows that more companies have been concerned about business sustainability and have committed diligent efforts in implementing CSR practices.

''CSR should not only be impacting the society we live in and create a healthier community, but it can also be a part of a business strategy for success. It builds a crucial ethical stand, in which members are accountable for fulfilling their public duty,'' he said.

According to Saraswat, benefits of CSR include an increase in customer retention, winning new businesses, enhanced relationships with stakeholders.

(With inputs from agencies.)