Please do not mix Corporate Social Responsibility with philanthropy by the rich. While CSR is about corporate responsibility of the business involving the companies' resources, philanthropy involves the personal wealth of the individual business magnates. In the West, this trend of philanthropy was partly driven by the penalty of huge inheritence taxes (if wealth earned during a life time was not given away in charity before death). In India, sadly the such a strong institutional mechanism (to deter individuals from holding on to wealth till death) does not exist. A country like ours with large sections of its people living in poverty needs such institutional interventions to steer the wealthy towards building charitable foundations.
Sunday, August 29, 2010
Lessons in charity: India Inc says no to Buffett, Gates - Corporate Trends - News By Company - News - The Economic Times
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