Corporate social responsibility and Indian healthcare sector: An analysis

Abstract

Mahatma Gandhi, the father of the nation mentioned that, “There is enough on this planet for every one’s but not for everyone’s greed” In the words of our beloved present Prime Minister Narendra Modi ji, “Development has to be achieved collectively and it has to be quick paced and inclusive”. Naveen Jindal, Chairman Steel and Power limited once said, “A nation’s real strength not just its economy, but the health and happiness of its citizens.” The above three quotes are important because the development of the country is very essential, provided it should not harm the society, wholesomeness or goodness of nature. In addition Economic Growth and Development, there must exist a sustainable society and it is not necessary that only Government should take care of all these things but these Corporate Houses and the Private Sector should equally take the responsibility for the development of the country and society in particular to increase Healthcare awareness through CSR activities by increasing the funding through CSR Financial Investment. Corporate Social Responsibility though is a leading promoter of Education and Health in India after the amendment of Companies Act to make it mandatory to any Corporate Houses enjoying continuously three years of profiting to spend 2% of their profits under CSR activities. Spending of CSR funds on healthcare though much less the impact of it on the society is much more. It means Corporate House’s spending CSR funds on better health systems, facilities to the people will benefit the society as a whole. Corporate Houses such as healthcare facilities, pharmaceutical industries, health insurance companies involvement in social activities through CSR funds will have more impact as these people are having greater understanding of the subject. Some of the activities such as safety norms in healthcare improving healthcare to the down trodden in the society are laudable. In written Corporate Houses who spent money through CSR activities are given tax exemptions by the government and thus will raise good will in the society and a boost in their marketing activities.