The Indian private sector has the power to contribute to inclusive growth. However, the current methods of charity and corporate responsibilty won't get companies far. What will? Creating shared value.
In a recent Forbes India article titled, "The Real Benefits of Capitalism," FSG's Mark Kramer, Lalitha Vaidyanathan, Patty Russell, and Samuel Kim assert that philanthropy will always fall short of meeting India's needs. They also outline (and debunk) the four major misconceptions that have held Indian companies back from adopting a shared value approach.
The authors state, "Only leveraging the true potential of capitalism can solve our society's most critical problems--that is, through business initiatives that create shared value by delivering profits while also serving society."
Read the full article: "The Real Benefits of Capitalism" in Forbes India.