Mandatory CSR Paves Way for Universal Education in India

Abstract

One of the few countries in the world with a law for mandatory spend on Corporate Social Responsibility (CSR) is India. The passing of Companies Act, 2013 in India provides the right opportunity for Indian companies to play an important role in the cause of quality education. Companies now have CSR teams that devise specific policies, strategies and goals for their CSR programs and set aside budgets to support them. Several organizations in the profit domain are already working for the advancement of marginalized sections of the society through initiatives in education. Companies are not only focused at the increasing the pot available to education, but also improving the way the current pot is spent, so that social impact is maximized. The global education challenge demands an innovative approach, and corporations are getting adept at selecting and backing projects with new and experimental approaches.While there aren't any best practices in the field CSR, it is still worth looking at the successful initiatives already being run by the Corporates in the education sector which can be emulated to the extent in conformity to a company's overall business strategy.