New Delhi - Indian industry needs to look at sustainable development issues relevant to different regions in the country and avoid a "one size fits all" approach, Minister of State for Corporate Affairs P.P. Chaudhary said.
Addressing the industry chamber Ficci-organised India Sustainability Conclave here, the Minister also said that good corporate governance was not just a means of enhancing long-term value for companies but also to provide lasting benefits to consumers and other stakeholders.
"Corporates, therefore, need to look beyond the four walls of their companies and strive to match the drive to become responsible and accountable entities with the benevolent impact of their actions on the environment and society," he said.
"The role of corporates in CSR (corporate social responsibility) and delivery of SDGs (Sustainable Development Goals) is important as the amount spent by them on CSR activity was much higher than government spending on development."
In a written reply to the Rajya Sabha later, Chaudhary said the government has given permission for initiating penal action against 199 companies for failing to comply with the CSR provisions under the Companies Act.