SME Times - TERI and HSBC Incentivise SMEs For CSR Efforts, HSBC Living Business SME Awards, HSBC Living Business SME Awards in New Delhi

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SME Times News Bureau | 22 Apr, 2010
The Energy and Resources Institute (TERI), along with HSBC, has announced the HSBC Living Business SME Awards, recognizing the social commitment of Small and Medium Enterprises, in the capital on Wednesday.

Salman Khurshid, Minister of State (I/C) for Corporate Affairs & Minority Affairs, presented the awards to the winners for the year 2010 out of 42 nominations.

Dr RK Pachauri, Director- General TERI and President TERI-BCSD India, and Ms Malini Thadani, Head of Group Communication and Corporate Sustainability, HSBC India were also graced the occasion.

Lauding TERI BCSD India and HSBC India's efforts towards the SME sector, Chief Guest Salman Khurshid said and urged to the SME sector to grow innovatively to compete in the fast growing Indian economy.

"The SME sector is an integral part of the Indian economy, which touches our grassroots level directly; hence it is imperative for them to grow innovatively. With modern marketing structures and guidance from organization like TERI and financial institutes like HSBC, SME sector can contribute to the economy more actively and can expand their business models."

He added that time has come for us to incentivise CSR efforts so that SME's and MSME's get a boost.

Khurshid also added that one day it may be possible that SME may further exchange their CSR activities for carbon credits; an expansion to their roles and responsibility towards economy.

Speaking on the relevance of CSR in the SME sector on The World Creativity and Innovation Day as well as on the eve of Earth Day, Dr RK Pachauri, said, "We felt that this day would be appropriate for acknowledging and appreciating innovative CSR initiatives by SMEs. A vibrant SME sector is the backbone of any economy."

"TERI has been developing innovative solutions to energy, environment and social issues for energy-intensive small scale industrial sectors, whereby touching the lives of at least 25,000 workers in about 500 locations across the country. We as the HSBC Living Business knowledge and activation partner are happy to recognize SME's who have made outstanding contribution to the environment and community in India to sustain long-term business success. TERI will always be proud to partner and implement comprehensive programs to mainstream good social and environmental practices," he added.

This year, 42 nominations were received for the awards, and the winners are:1st Prize: Marco Food Products for building a school imparting free education to underprivileged children of Ratnagiri district.

2nd Prize: Impetus Infotech (I) Pvt. Ltd., for its community initiatives like English-speaking workshops, blood donation camps, donation of study and relief materials, sponsoring education of orphans, etc.

Special Prize: Sport Goods Foundation of India for working towards the prevention and rehabilitation of child labour in the sporting goods industry. It has also set up transitional schools for children, and has created 52 SHGs covering 1000 families.

Malini Thadani Head of Group Communication and Corporate Sustainability, HSBC India emphasized, "SMEs in India are the engine of the country’s economic growth and the backbone of Indian industry. These awards are meant to recognize the increasing contribution being made by this sector towards the social and environmental needs of our country. We hope to receive many more nominations in the coming years as more SMEs develop their CSR practices. Initiatives such as the HSBC Living Business SME Awards will help to raise the awareness of SMEs and the business case for CSR."

Small and medium-size enterprises (SMEs) in India constitute more than 90% of the total economy and are in a phase of transition. The SME sector encourages the innovative spirit and entrepreneurship in the economy that helps in laying the foundation for rapid industrial development. It also serves the vital objectives of employment generation and balanced regional development.

Today, the concept of CSR has gone beyond the traditional philanthropic approach and looks into strategic cooperation. However, the SME sector is yet to consider CSR as a tool for business enhancement. This is mainly because they are forced to prioritize short-term survival over longer-term strategic measures, and they often have few managerial and financial resources to invest in such measures.