Abstract
There are global poverty and rising income inequities on the one hand, and the widespread destruction of the environment on the other. Global economic models pursued over the last two centuries have been premised on a single dimensional pursuit of material wealth creation with utter disregard for sustainability, leaving a deferred social cost burden on future generations. At one level, the unjust distribution of wealth has created a vulnerable society. At another level, the apathy towards replenishing natural capital has led to widespread degeneration of the environment, destroying life-nurturing ecosystems. These challenges are further aggravated by the onset of global warming, exposing the planet to incomparable peril. Indian industries have been realising the impact of excessive carbon emission, unabated usage of water and high volume of output of non-recyclable products. Government initiatives, draft discussions and enactment of law have made little impact on industries in general to abide by pollution control. We have to move from the control paradigm to the conserve paradigm. In the last two decades, industries have started taking initiatives, while some examples existed much before the laws were enforced. Sustainability, pollution control, CSR and ethics initiatives have to be made a part of the annual report for all listed companies. The Confederation of Indian Industry (CII) and other corporate institutions have played a vital role in strengthening this initiative. This article deals with such sustainable development issues and CSR initiatives being taken by premier corporate entities of repute, and further challenges that we face in the competitive world.
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