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With the new CSR mandate, companies in India must look to integrate digitalisation into their CSR journeys. Keeping this in context, Bombay Chamber of Commerce & Industry organised its annual CSR Conclave in Mumbai yesterday. The theme of the Conclave was CSR in the Digital Era.
In her opening remarks, Pinky Mehta, President, Bombay Chamber & Chief Financial Officer, Aditya Birla Capital said, “In today’s world, with technology and digital platforms revolutionising the way we live, work, and connect, CSR strategies need to embrace technology for driving meaningful impact.
With AI and Blockchain, ChatGPT and Data Analytics, digitalisation emerges as a potent instrument for organisations to magnify their CSR endeavours, engage stakeholders, and foster a culture of transparency and good governance. Leveraging technology for Social Good is not just a choice anymore, it is an
imperative.”
This was followed by a presentation by Aloka Majumdar, Chairperson, CSR Committee, Bombay Chamber and Managing Director, Global Head of Philanthropy & Head of Sustainability, India, HSBC. She shared the practical application of CSR integration into a business, and how she effectively facilitates collaboration and knowledge sharing on this very important area in her organisation.
She pointed out that there is increasing expenditure on CSR – as per the latest Economic Survey, CSR spending has increased from ₹17,096 crore in FY 2017-18 to ₹26,278 crore in FY 2021-22. “There is a growing need for enhanced governance for CSR across the grant cycle; increasing compliance (internal and external); greater focus on measuring outcomes, impact assessment, reporting and communication including disclosures; process improvements and building institutional memory,” she stated.
She elaborated on the need for technology in CSR. “We need to bring in technology and governance to increase compliance, BSR, ESG and other reporting. Raise funds for non-profit organisations and capture the right data,” she added.
The first panel discussion on Technology and Social Entrepreneurship Funding was moderated by Hemant Gupta, MD & CEO, EQUIPPP Desi Investments. The panelists included Anuj Sharma, Founder Director, Alsisar Impact; Jignesh Thakkar, Partner & COO, ESG Advisory & Head, Social & CSR Consulting, KPMG India and Vineet Rai, Founder and Chairman, Aavishkaar Group.
The discussion observed that Technology assists us in multiple sectors, hence it is both an enabler and a solution and service to all. In the role that technology should play in social development, localising the solution is very important.
A Fireside Chat on AI for Social Good saw Rakesh Kaul Punjabi, Technology Consulting Partner, EY India and Dr. Sujata Seshadrinathan, Director – IT, Basiz Fund Services, Mumbai in discussion with Hardik Parikh, Senior Consultant, Sattva.
The discussion revolved around three main aspects – the potential of AI for social good, the Indian AI landscape and how to bolster AI and the CSR system.
The second panel discussion focused on Leveraging Digital Platforms to drive CSR. The session was moderated by Ashwath Bharath, Senior Director, Teach For India and the panelists included Abhejit Agarwal, Head – Sustainability & CSR, Axis Bank; Shrutika Jadhav, Head- Catalytic Philanthropy, Dasra; Gopal Kumar, Head, CSR, Aditya Birla Capital and Prerana Langa, CEO, Aga Khan Agency, Habitat India.
The discussion revolved around using technology to reach out to the community effectively and transparently. The panel also called upon the need to invest in non profit building systems that reduce the time spent on compliance issues and reusing data ethically to be able to make decisions at a meta level.
The event was supported by Excel Industries.
