`CSR should be a matter of choice'

Corporate social responsibility (CSR), like personal philanthropy, should be a matter of choice and should not be identified with the inherent social responsibility of corporates, according to Dr Gita Piramal, eminent business historian and director of BP Ergo.

Speaking on the differences between the West and the East's constructs of CSR at The Smart Manager's 'Ethics and CSR: The Strategy Debate' in Mumbai on Friday, she also reminded the audience that the West's greatest proponents of CSR, Bill and Melinda Gates, have no children.

The distinction between philanthropy and socially responsible business practices, the proposed 'mandatory 2 per cent' CSR law and the triple bottom line theory were discussed threadbare by flag bearers of corporate India at a seminar organised by Spenta Multimedia to celebrate the 10th year of The Smart Manager magazine.

The Smart Manager, India's first world-class management magazine, is founded by Dr Gita Piramal and Nitin Nohria, dean of the Harvard Business School.

In a discussion moderated by Abha Bakaya, associate editor at Bloomberg UTV, Harsh Mariwala, CMD of Marico Industries, Amit Chandra, MD of Bain Capital India, Anu Aga, Director of Thermax, Vinay Somani, Trustee of Karmayog, and Rita Soni, CEO of Nasscom Foundation, it was unanimous that inclusive growth was the need of the hour.

In his keynote address to the august gathering at the Rooftop, Trident, Nariman Point, Keki Mistry, vice chairman and CEO of Housing Development Finance Corporation (HDFC) Limited, said India must adopt inclusive growth, especially in the fields of education and healthcare, to be one of the leading countries in the world. "Rural areas, too, must become a part of the growth strategy," Mistry added.