COVID-19: New Normal will Witness More Businesses Supporting CSR

All the company stakeholders and public at large is seeking to know whether their beloved brands are investing in CSR or not, as the purpose of corporate social responsibility today stands beyond merely being a legal obligation. CSR is a necessary corporate strategy and a core business requirement in today’s times. But COVID-19 has put all our CSR and crisis management theories and commitments to test. The current crisis has accentuated the motive of social responsibility towards the community even more. It has given us an opportunity to reflect on our practices and build responsible, sustainable and ethical businesses in future.

During the initial phase of the nation-wide lockdown and after the announcement by Ministry of Corporate Affairs we saw an outpouring of CSR support by the private sector for health care workers, daily wage earners, migrant workers and underprivileged communities. In the state of unprecedented health emergency, as COVID-19 continues to spread across the country, we are likely to see a peak in the COVID cases soon. India is currently the fourth-worst hit country by COVID-19 and has recorded a total of 4,10,461 infections and 13,254 deaths, as per the government statistics. Understanding the urgency of the situation Corporates and Ngo’s are wholeheartedly extending their support to the government in the fight against the pandemic.

Corporate sector has stepped up their CSR efforts to combat the pandemic and many organisations are leading by example. A Delhi based CSR consultancy, Innovative Financial Advisors Pvt. Ltd. (Fiinovation) has been working unremittingly to foster relationships between private sector and CSOs. Since the outbreak of novel coronavirus, Fiinovation with its partners has undertaken various relief efforts to support the marginalized section of the community positively impacting over a million lives amidst the lockdown period. Fiinovation is implementing interventions aimed at providing immediate relief to the ones who are adversely affected by the lockdown, by distributing ration and hygiene essentials and conducting awareness drives to educate and advise the beneficiaries on covid19, as per the guidelines issued by the Ministry of Health and Family Welfare (MoHFW) and World Health Organisation (WHO).

While speaking about the future of CSR, Dr Soumitro Chakraborty CEO Innovative Financial Advisors Pvt. Ltd. (Fiinovation) said, “It is the right time for companies to plan and implement their CSR initiatives to address the needs of the society and build a relationship with the community beyond the office walls. And as we all will settle into a new normal, we will witness more businesses embracing CSR in their business model.”