Corporate Social Responsibility (CSR) also called corporate
responsibility or corporate citizenship is a concept whereby
organizations take into account the interest of the society
by taking responsibility for the impact of their activities
on the society as a whole. The old concept of CSR is assuming
new dimensions with more and more corporates engaging the
employees in socially and meaningful activities undertaken
with the collaboration of NGOs. Even in the absence of any
legal binding, the concept is catching on worldwide. In
fact, CSR is becoming an essential component of corporate
business strategy.
Larsen & Toubro (L&T) Limited working based on
the model L&T has set up a Construction Skills Training
Institute (CSTI), close to its Construction Division, headquarters
at Manapakkam, Chennai. CSTI provides free of cost training
in formwork, carpentry, masonry, bar-bending, plumbing and
sanitary, scaffolder and electrical wireman trades to a
wide spectrum of the rural poor. It has also established
a branch at Panvel, Mumbai, providing training in formwork,
carpentry and masonry trades. CSTI will utilize the potential
of the rural youth in construction and help in the upgradation
of rural economy.
A huge opportunity lies in breaking this vicious circle
of poverty in a seamless market organized around the concept
of sustainable growth and development. Thus, CSR can act
as a mother's womb which would take care of the four billion
poor at the `bottom of the pyramid', which will require
radical innovations in technologies and business models.
The bottom of the pyramid faces lot of challenges in the
economy due to widened gap in the income structure and technological
innovations.
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