INDIVIDUAL SOCIAL RESPONSIBILITY

According to the EdelGive Hurun India Philanthropy List 2023, about 119 Indian business tycoons donated Rs 5 crore or more in the Financial Year 2023 which accounts for Rs 8,445 crore for philanthropic activities. This highlights the role Social Responsibility can play in society for its upliftment.

What is Social Responsibility?

1. Social responsibility is a moral guide for both individuals and groups where they try to do things that help everyone and not do things that could hurt society or the environment.
2. It includes the principle of the Triple bottom line which focuses on “people, planet, and profit”. It says that achieving profit does not require harm to the planet or the exploitation of people.
3. Generally, Social responsibility is seen in 2 aspects:
   1. Individual Social Responsibility (ISR)
   2. Corporate Social Responsibility (CSR)

What is the difference between ISR and CSR?

Why is there a need of more ISR in India?

1. Public Sector Dominance: 95% of the social spending in India is done by the government. ISR is needed for individuals to also contribute and share the responsibility.
2. Sustainable Development Funding Gap: India doesn't have enough money to achieve sustainable development goals. ISR is necessary for individuals to contribute and fill this funding gap.
3. Resource Redistribution: Even with economic growth, there are still big gaps between rich and poor in India. ISR can help by investing and distributing resources where they are needed the most.
4. Environmental Sustainability: ISR practices, like reducing waste and living sustainably, can help protect the environment and fight climate change.
5. Technology Development: ISR can play a role in developing technology, making sure everyone has access to it, and helping more people be a part of the financial system.

What are the Ethical Considerations regarding ISR?

1. Voluntariness and Autonomy: When doing ISR activities, it's important to let people choose freely. They should decide if they want to be a part of it or not.
2. Alignment with Personal Values: Actions taken should align with an individual's personal values and beliefs.
3. Cultural Sensitivity: ISR activities should understand and respect the local culture. Working together with the community is essential for a good relationship.
4. Empowerment: Ethical ISR is about helping communities become strong and self-sufficient. It's not just about giving things; it's about finding long-lasting solutions that don't create dependency.
5. Outcome-oriented: Individuals should check if their ISR contributions are making a positive impact. If not, they should try different ways to make sure it helps as much as possible.

Conclusion:

Individual Social Responsibility (ISR) is a powerful way to bring positive changes to communities and society. Doing it ethically means being careful and committed to making choices that help everyone and make the world a better place for now and the future.