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

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New Delhi, July 6, 2020: All company stakeholders and the public at large are 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 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 nationwide lockdown and after the announcement by the Ministry of Corporate Affairs, we saw an outpouring of CSR support by the private sector for healthcare workers, daily-wage earners, migrant workers and underprivileged communities. In the state of an 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 third worst-hit country by COVID-19 and has recorded a total of 6.98,817 infections and 19,707 deaths, as per the latest government statistics. Understanding the urgency of the situation, Corporates and NGOs are wholeheartedly extending their support to the Government in the fight against the pandemic.

The 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 the private sector and CSOs. Since the outbreak of the novel coronavirus, Fiinovation with its partners has undertaken various relief efforts to support the marginalised 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 COVID-19 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.”