Indian billionaire businessman Mukesh Ambani has issued a public call for an Indian approach to corporate social entrepreneurship.
The chairman of Reliance Industries urged corporations in that country to adapt their business models to elevate the importance of social returns, which would be a better fit with the country’s traditional value systems. Ambani said that businesses have a responsibility to all stakeholders in society, and should be measured by more than financial criteria. He made the remarks as part of a lecture on CSR which was organized by the Madhya Pradesh Foundation.
In fact, Ambani said that the western model of CSR doesn’t go far enough, and that an “Indianized” approach would be more akin to a social enterprise model. He believes that only this type of business model will be successful in creating a truly integrated society in the future.