Last week, India’s ill-functioning parliament passed a bill rejigging the country’s companies laws. It included an especially eye-catching proposal: all businesses are now expected to give 2 per cent of their net profits to corporate social responsibility projects.
The rule is not mandatory but even so, any large enterprise that fails to meet this minimum threshold will have to explain its shortcomings in its annual reports. If not, the company will be fined.
It sounds like a splendid means of nudging stingy businesses to greater heights of public spiritedness. Unfortunately, the generally cozy, often inefficient and occasionally corrupt systems through which some Indian companies support worthy causes mean it may do more harm than good.
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