Socially Responsible Business in India and the Asia-Pacific: Meeting the Challenges of Inclusive Sustainable Development

Abstract

Two of the most important challenges that governments and corporations in the 21st century are facing and will continue to face in the foreseeable future are inclusiveness and ecological sustainability of growth and development. With specific focus on the Asia-Pacific Region, this paper traces the inadequacy of the corporate response in meeting these challenges. It also identifies the promising new trends and analyses the prospects offered by socially responsible businesses (SRB). SRB demands a totally new orientation and approach to business itself. The paper offers an integrated framework for SRB drawing upon the recent developments in corporate social responsibility (CSR), socially responsible investments (SRI) and social business. The paper argues that although these approaches have evolved independently, there is significant scope to draw synergies between them. It highlights the importance of partnering with “people’s institutions” (such as women’s self-help groups, farmer producer organizations and cooperatives) while building inclusive and sustainable value chains. The creation of such value chains would bring about dramatic redistribution in wealth and power, fostering more just, equitable and sustainable societies. The author’s familiarity with the Indian situation has meant that most of the illustrations cited are drawn from India. However, the lessons drawn are equally valid in many of the Asia-Pacific countries grappling with similar issues of equitable and sustainable socio-economic development.