What are the steps taken by the Indian and state governments to make it easier to do business in India? How can they be made better and attract global companies and investors?
CSR also known a ‘’Corporate Social Responsibility’’ is a form of business management which ensures corporate entities manage themselves for the benefits of their stakeholders and the public society at large. The economic function refers to engaging in activities that add value to the society and thRead more
CSR also known a ‘’Corporate Social Responsibility’’ is a form of business management which ensures corporate entities manage themselves for the benefits of their stakeholders and the public society at large. The economic function refers to engaging in activities that add value to the society and the environment and not the other way round.
How CSR can make companies more lucrative and coveted by employees:
1. Stronger Brand Reputation: CSR activities can specifically enhance the image of a company brand. It can unlock value because it creates a positive social impact towards customers, investors, and talented employees.
2. Customer Loyalty: Today, consumers are selecting products by its brands’ values. Because CSR can lead to customer loyalty, the various strategies to create it can result in increased sales.
3. Attraction and Retention of Talent: CSR commitment is a way through which organizations can attract talents because majority of the employees are inclined towardsjob opportunities in organizations that undertake some contribution to the wellbeing of the society.
4. Better Employee Morale: CSR governance can also point to culture, emotion, mind, and skill, which results in an improved morale, job satisfaction and employee turnover.
5. Risk Mitigation: When more firms begin to deal with social and environmental problems, they are going to reduce their chances of facing legal and or reputational consequences that can cause their downfall.
6. Innovation and Creativity: Innovativeness and creativity – It means that through CSR practices, workers are encouraged to be creative and present new ideas in helping solve some social issues.
7. Long-Term Sustainability: The significance of CSR is that a business entity can foster long term relations with stakeholders while managing risks.
The inclusion of CSR into the development framework of a firm makes the company to take a central role in creating an impact towards society without negating economic advancement and efficiency.
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Foreign investment refers to the investment in a domestic company by a foreign investor by using their assets. As the world's fastest growing economy, the Indian government is planning to improve its investment in reaching $100 billion a year in gross foreign direct investment. Steps taken by IndianRead more
Foreign investment refers to the investment in a domestic company by a foreign investor by using their assets. As the world’s fastest growing economy, the Indian government is planning to improve its investment in reaching $100 billion a year in gross foreign direct investment.
Steps taken by Indian and State Governments:
● New policy initiative allows businesses registered as startups benefiting from tax
reduction for upto 10 years from their inception promoting growth and innovation in the startup ecosystem in all industries.
● Single Window Clearance systems for attracting the investments and some notable
states like Andhra Pradesh, Maharashtra etc.
● Labor reforms are also introduced in Rajasthan for balancing the worker’s rights with ease of hiring.
How to Attract Global Companies and Investors?
● Raising the FDI caps in sectors like defense and insurance and allowing FDI in sectors
like manufacturing, improving India’s ranking at ease of doing business.
● Simplification procedures related to the applications, renewal process, inspections filling records for running the business.
● Implementation of a transparent and efficient land acquisition process can also enhance more investments directly from the foreign countries facilitating the industrial andi infrastructure projects.
By building these reforms and implementing the measures, India can improve its
See lesscompetitiveness on the global stage, attracting more foreign investment and enabling sustainable growth. This not only benefits business and investors but also employment generates employment and overall socio-economic development.