Mumbai: India has completed 64 years of independence but still a lot is expected to be accomplished for the development of society. Those who are at the helm of affairs are neck deep in corruption and the private companies have also failed to meet their social responsibilities, reveals one non-profit organization, Karmayog in its research on the Corporate Social Responsibility (CSR).

The Karmayog in its research studied around 500 private companies since independence and came to a conclusion that the entrepreneurs lacked the national fervour.

In its study, the organization included public, private and multi-national companies from different sectors of industry including automobiles, infrastructure, financial institutions, etc.

According to the study, Karmyog CSR Study and Ratings, not a single company could achieve grade five. The grade is given to those companies which spend 0.2 percent of their net sales into the CSR activities.

The study also assessed the eco friendliness of their products and relationships with the community residing close to their plants.
Only two percent (10 companies) could achieve grade-4 whereas 30 percent companies were ranked below it. Barely 13 percent achieved grade three.

The founder of Karmayog, Vinay Somani said the companies have started growing serious about the CSR in the past four years.

Graduate from Harvard Business School, Vinay said, “More awareness has led to more companies report their social activities. In the last financial year, all the companies showed a total sale of Rs 37 lakh crore.”

However, barely 10 percent of that amount, or Rs 740 crore was used in the CSR activities last year, the study added.