CSR must move from compliance to creating impact, say industry leaders

L to R: Scientist Dr. Anand Ranganathan, Founder of Ravi Rajan & Co S Ravi, Tata Hitachi MD Sandeep Singh, IOC Executive Director Shailesh Tiwari and SVP Sustainability HSBC India Romit Sen, during a panel discussion at the CSR Conclave 2026 in Bengaluru on Friday

Corporate social responsibility (CSR) in India must evolve from being a statutory compliance exercise to becoming a transparent, outcome-driven instrument for nation-building, with the Social Stock Exchange (SSE) emerging as a key platform to channel corporate and philanthropic capital towards measurable social impact, speakers at the CSR Conclave 2026 organised by the One World One Family Mission, headed by Sadhguru Sri Madhusudan Sai, said on Friday.

businessline was the media partner for the conclave, which brought together corporate leaders, policymakers, regulators, philanthropists and social sector practitioners to deliberate on strengthening India’s CSR ecosystem.

Opening the second day of the conclave, S Ramadorai, former Vice-Chairman of Tata Consultancy Services and former Chairman of the National Skill Development Agency and the National Skill Development Corporation, said India’s development journey would be defined less by the speed of deploying resources than by ensuring they are directed towards the right outcomes.

Societal Impact

“The compass is always more important than the clock,” he observed, urging businesses to build purpose-led institutions where commercial success and societal impact reinforce each other.

He described the SSE as an important institutional innovation capable of bringing together corporate capital, philanthropic intent and credible social organisations through a transparent and accountable framework.

Over time, he said, the SSE had the potential to become for the social sector what India’s digital public infrastructure has become for payments and governance.

Delivering the keynote address, Vinit Nayar, Founder-Chairman of the Sampark Foundation and former CEO of HCL Technologies, argued that the social sector needs the same spirit of innovation and design thinking that transformed India’s IT industry.

Lasting social change, he said, would require combining technology, purpose-driven leadership and volunteerism to create institutions capable of delivering systemic impact rather than incremental improvements.

Sadhguru Sri Madhusudan Sai, founder of the One World One Family Mission, called upon businesses to see themselves primarily as problem-solvers, with profits emerging as a consequence rather than the sole objective. Drawing from the Bhagavad Gita, he interpreted yajna, dana and tapas for the corporate world, saying business itself should become an offering for social good, CSR should represent voluntary giving beyond statutory compliance and governance should embody discipline and ethical conduct. CSR, he added, must increasingly be viewed as social investment rather than expenditure.

Principal Highway

The inaugural panel discussion, moderated by Raghuvir Srinivasan, Editor of businessline, examined whether the SSE could become India’s principal highway for CSR funding following the Centre’s decision permitting companies to deploy up to 10 per cent of their CSR spending through the platform.

The panel featured Vimal Bhatter, Deputy General Manager, SEBI; A Balasubramanian, Managing Director and CEO of Aditya Birla Sun Life AMC; Vineet Shastry of the NSE Social Stock Exchange; and Pratyush Kumar Panda, CEO of Allcargo Foundation.

Panellists said the regulatory framework was beginning to take shape but wider awareness, simpler processes, stronger participation by corporates and non-profits, and greater emphasis on measurable outcomes would determine the platform’s success.

Subsequent discussions expanded the conversation beyond domestic CSR. A panel moderated by Vineet Nayar explored how India’s 35-million-strong diaspora and global philanthropic capital could be better channelled through trusted institutional mechanisms, while highlighting the need to simplify compliance and create credible pathways for international giving.

Another panel, chaired by former SEBI Chairman M Damodaran, argued that trust itself should become a measurable asset.

Greatest Impact

Speakers maintained that funding decisions should increasingly be driven by independently verified outcomes, robust integrity frameworks and beneficiary feedback instead of institutional familiarity or visibility, helping capital flow towards organisations delivering the greatest impact.

The concluding discussion, moderated by author and scientist Anand Ranganathan, focused on the role of CSR and the SSE in building India’s future human capital.

Panellists argued that CSR funds, though relatively modest in relation to the economy, could serve as catalytic capital by supporting innovative models in education, healthcare, nutrition and skilling that governments and private investors could subsequently scale.

Outcome-based financing, blended finance and measuring success through long-term social impact rather than expenditure emerged as recurring themes. A common thread running through the conclave was that India’s next phase of CSR should be anchored in trust, transparency, measurable outcomes and collaboration among government, business, philanthropy and civil society.

Participants endorsed the release of a white paper outlining recommendations to strengthen the country’s CSR ecosystem through the SSE and accelerate progress towards a Viksit Bharat.

Published on July 17, 2026