value by identifying and addressing social and environmental problems that intersect with their business.
In India, several companies have been doing commendable work as ‘Inclusive Businesses‘. The list is truly diverse with businesses operating in distinct sectors of the economy. These include enterprises like Jain Irrigation, Amul, Novartis, Vaatsalya, and Godrej, etc. that have done commendable work for societal development at the same time generating profits for these enterprises. All of the companies on the list have enabled societal development and at some level trying to embed the principles of creating shared value in their business models.
Methodology for Assessment of Inclusive Businesses in India
The core principle driving the evaluation of Inclusive businesses was how well their past and present activities take into account societal value within their business models and as part of their overall strategy. Post this a well-established assessment approach was deployed, and a thorough evaluation was done in the case of several enterprises out of which 21 were then recognized as Inclusive Businesses.
The organizations were mapped on the basis of their past and present activities, and on how well they adopted the principles of societal value creation as a part of their business strategy.
- Identification of companies: Companies advancing societal initiatives via their business activities were identified. Enterprises who imbibe the spirit of societal value and are actively involved in doing activities at the ground level were considered
- Setting Parameters: Companies were assessed on the following parameters
- Social issue and challenge being addressed
- Coverage of activities creating a positive impact on society
- Link between social problem being addressed and company’s competitive position and strategy
- Assessing Companies: The outcomes of assessment based on the aforementioned parameters were then discretely analyzed by team from SVII.
- A thorough evaluation of companies was done, and enterprises which that have made the most contribution have been recognized through this list of 21 enterprises.
Through this list of enterprises, SVII is trying to inspire the next generation of enterprises to adopt a corporate strategy that is in consonance with the broader social and environment good of people in India. The idea is also to move beyond older ideas that have limited capability to solving the most pressing problems of our time.
Likely Future Expectations and Developments
SVII has just barely scratched the surface of what can be a revolution to solve the most critical challenges that India is facing in varied spheres. SVII has had a delightful journey so far in India. The Inclusive businesses are the first step towards creating shared value in India. It is hoped that India’s vibrant democracy and the emergence of a new entrepreneurial class, as well as the established corporations, will all aid in developing the shared value vision in the country in the years ahead. Policymakers, Civil Society and most importantly Enterprises must see growth but with a purpose of bettering well-being of people in the coming years. The country and its institutions must move beyond the basic ideas of corporate social responsibility and as these have a limited scope and capability for improving people’s lives and hope to become inclusive businesses in the journey to become shared value enterprises.
In the future the need for corporations is to move towards shared value paradigm. Shared Value Initiative India (SVII), set up in 2015, is the exclusive regional partner of Shared Value Initiative, U.S. The initiative in India is aimed at involving business & community leaders towards defining the practice of shared value in India. It is hoped by bringing forth ideas and implementing them there will be an acceleration of the economic and social progress of the Indian society. The initiative is looking at businesses to move from being inclusive businesses to being shared value enterprises of the future by thinking about societal developm