The shift from CSR to shared value: Are Indian companies ready
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In the field of business the social factor is just as important as the economic factor. They both are interconnected and have a significant impact on one other. Businesses acknowledge this and agree that for a healthy business, maintaining a peaceful and sound relationship with the society is very crucial. This is where concept such as Corporate Social Responsibility has arisen and further developments are made as to cope with the rapid changes in the business field. A more profound and new approach is Corporate Shared Value which overshadows the concept of charity and aims at creating a value that enables both the business and the society to benefit mutually. In this case, a rapidly growing economy such as Indian has been selected. This paper aims at providing an in-depth insight on both Corporate Social Responsibility and Corporate Shared Value and their impact and potential in the Indian society. A few Indian experienced business men were interviewed on these concepts and a practical initiative taken by one of the men interviewed has been presented. Upon analysing the interviewees’ responses, the possible opportunities and threats in terms of sustaining their business in India has been discussed.