Sustainable CSR Approach in Mitigating Industrial Disaster/Accidents in India

Abstract

Abstract: The Economic and Social Council of the UN in its 45th session raised a concern about the environment and moved a resolution on this subject to intensify the urgent action at the national as well as international levels. Stock Holm Conference on Human & Environment again emphasized the issue of the environment and the suffering of poor people. It recommended the participating countries to make necessary arrangements in their countries to sustain the environment and development. The significance of environment and development made the UN General Assembly 1983 to establish the World Commission on Environment and Development. It submitted its report in 1987. Where the word sustainable development is coined and defined. Principle 1 of the Rio de Janeiro Declaration of 1992 used the word sustainable development. In order to meet the international obligations to achieve the sustainable development goal, respective countries adopted sustainable practices and policies. Business operation is very often associated with hazardous operations. This leads to industrial accidents and caused personal injury and property damages. Corporate Social Responsibility (CSR) is one such policy that is introduced in the 21st-century Business ethic and practice. In India, CSR is comprehensively dealt with in the Company Act, 2013. In this present research paper, the authors have studied the sustainable CSR approach to mitigate the industrial disaster for effective implementation of the Public Liability Insurance Act, 1991.