Ambani Stumps for 'Social Business'

GlobalPost
The World

In his speech at Ficci yesterday, Reliance Industries Ltd. chairman Mukesh Ambani -- one of the world's richest individuals -- argued that Indian corporations need to look beyond the side charity work known as "corporate social responsibility" and focus on socially relevant businesses that can uplift the benighted millions in India's villages and slums.

However, one should read between the lines, perhaps. In a sly piece of subtle journalism, the Economic Times places Ambani's speech in the context of the government push to make it mandatory for Indian businesses to spend 2% of their profits on those very same charitable activities -- hinting that the call for profit-making public service is a bid to undercut the demand for corporations to share the wealth in non-profitable ways.

In other ways, too, the speech might be a milestone, coming at a time when the reputation of the great Indian industrialists has sunk to an all time low, due to the repeated revelations of alleged corruption, influence peddling, insider trading and monopolistic strongarming. Suddenly, India's richest are discovering philanthropy -- making the first wave of major donations, setting up universities (okay, those may also make money) and now stumping for "social business." 

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