CSR budgets of companies must create social, environment, business value: Niti Aayog member VK Saraswat

The corporate social responsibility budgets of companies must create social, environment and business value, Niti Aayog member VK Saraswat said on Thursday.

Addressing 'National CSR Network' virtual round table, Saraswat further said corporate social responsibility (CSR ) should also promote artificial intelligence and automation activities.

"CSR budgets must create social, environment and business value... CSR must have compelling value proposition," he said.

Saraswat pointed out that year-on-year data shows that more companies have been concerned about business sustainability and have committed diligent efforts in implementing CSR practices.

"CSR should not only be impacting the society we live in and create a healthier community, but it can also be a part of a business strategy for success. 

It builds crucial ethical stand, in which members are accountable for fulfilling their public duty," he said.

According to Saraswat, benefits of CSR include increase in customer retention, winning new businesses, enhanced relationships with stakeholders.