BusinessLine TUESDAY FEBRUARY 162016 ‘ion is passe Ist create ‘shared value’ for all stakeholders SEP, oP ae he beat Shah stodeho change tiggnme tor the beter acim pupal Inclusive businesses show busi- commendable workfor societal de- as the established corporations, nesses that are moving towards the _ velopment at the same time gener- will aid in developing the shared practice of creating shared value ating profits for these enterprises, value vision in the country in the but are yet not there, This list had Allof the companiesontthelisthave _ years ahead. enterprises that have contributed enabled societal development and Policymakers, civil society and to enabling societal development at some level are trying to embed _ most importantly enterprises must through their business models,and the principles of creating shared _ see growth but with the purpose of are moving towards the practice of _valuein their business models, _bettering the wellbeing of people. creating shared value in India. ‘Through this list of enterprises, The country and its institutions In 2015, quite a number of such Shared Value Initiative India (SVII) _ must move beyond the basic ideas enterprises were identified. These is trying to inspire the next genera-_of CSRas these have a limited scope enterprises were committed to tionofenterprisestoadoptacorpo- and capability for improving peo- bringing a change in understand- rate strategy that is in consonance _ple’s lives, and hope to become in- ing the key societal challenges and with the broader social and envi- _clusive businesses in the journey to addressing them through their ronment good of people in India. become shared value enterprises. business models. ‘he idea is also to move beyond ol _In the future, the need is for cor- Inaway,itwasa unique initiative derideasthathave limited capabili-_ porationsto move towardsashared toidentify assess and recognise the ty to solving the most pressing value paradigm. It is hoped that by organisations operating in India problems of our time. bringing forth ideas and imple- that are creating a measurable so- ‘menting them there will be an ac- ‘cio-economic value by identifying Future expectations celeration of the economic and so- ‘and addressing social and environ- _SVII has just barely scratched the _ cial progress of Indian society. The mental problems that intersect surface of what can be a revolution initiatives looking at businesses to ‘with their business tosolve the most critical challenges move from being inclusive busi- In India, several companies have that India is facing in varied _ nesses to being shared value enter- been doing commendable work as spheres.tthashad adelightful jour- prises by thinking about societal Inclusive Businesses. Thelististruly ney so far in India. The inclusive development as a part of their cor diverse with businesses operating businesses are the first step to- poratestrategy. in distinct sectors of the economy. wards creating shared value in In- 8-26 ati OR OPE ‘These include enterprises such as dia. It is hoped that India's vibrant Kapoor heads VIL Sharmalls@ senior Jain Irrigation, Amul, Novartis,Vaat- democracy and the emergence of a researcher atthe Institute for salya, and Godrej that have done new entrepreneurial class, as well Competitiveness ndia