- Published: November 16, 2022
- Updated: November 16, 2022
- Language: English
- Downloads: 34
Kamal Nath, Union Minister (commerce and industry), in May 2005. Introduction In May 2006, ONGC Ltd. (ONGC), a major Indian public sector company in the petroleum industry, received the ‘ Golden Jubilee Award for Corporate Social Responsibility in Emerging Economies – 2006’, at the 7th International Conference on Corporate Governance organized by the World Council for Corporate Governance3. Since its inception, ONGC had regularly contributed to various CSR initiatives in the areas of health, education, infrastructure, and culture.
In 2003, it decided to allocate . 75% of its net profit each year for various socio-economic developmental programs undertaken by the company. In 2004, it drafted a Corporate Citizenship Policy – a written guideline which was to provide a direction to the company’s CSR initiatives. I I With growing globalization, Corporate Social Responsibility (CSR) had been increasing in importance as it helped organizations to improve their relationships with local communities, increase brand value, and build a good corporate image for themselves.
Also, the socio-economic developmental activities undertaken by ompanies increased the purchasing power of the community, leading to an expansion in their market size. I In India, CSR began as a philanthropic activity where organizations contributed to social causes, but it was gaining in importance and becoming an essential activity for business (Refer Exhibit I to know more about CSR and Exhibit II for development of CSR in India). Also it appeared that in the future, CSR in India would become more than a voluntary exercise.
In a conference ‘ Implementing CSR as a Business Strategy – A Roadmap for Effective and Sustainable Penetration’ organized by the Confederation of Indian Industry (Cll)4 in December 2005, the possibility of a company reporting its CSR activities along with its financial reports was discussed. I “ We should start putting it in the balance sheet,” 5 said Kishore A. Chaukar, managing director, Tata Industries Background Note ONGC’s origin can be traced to the mid-1950s. After India achieved independence, the development of the petroleum industry was an important issue for the Government of India (Go’).
It was crucial not only for the industrial development of he country but also for strategic reasons. Till 1955, exploration for hydrocarbon resources within the country’s boundaries was mainly undertaken by private oil companies like Assam Oil Company6, Burmah Oil Company7 (both of which operated in Assam), and the Indo-Stanvac Petroleum project8 (in West Bengal). In 1955, the Gol decided to undertake exploration and production activities for oil and natural gas resources in different regions of the country. I I In the same year, an Oil and Natural Gas Directorate was set up as a subordinate office under the then Ministry of
Natural Resources and Scientific Research. In August 1956, the Directorate was elevated to the status of a commission and named the Oil and Natural Gas Commission. I In 1959, with the Oil and Natural Gas Commission Act 1959, the Commission became a statutory body. Its main objectives were “ to plan, promote, organize, and implement programs for development of petroleum resources and the production and sale of petroleum and petroleum products. ” In 1991, as part of the liberalization initiatives of the Go’, core sectors like petroleum were deregulated and de-licensed.
Consequently, in 1993, the Oil and Natural Gas Commission was converted into a public limited company, ONGC Ltd. , under the Company’s Act, 1956. | CSR at ONGC The mission of ONGC stated that the company would have an “ abiding commitment to health, safety, and environment to enrich quality of community life. “ And this mission was reflected in its CSR activities. CSR at ONGC began as a philanthropic activity where the company contributed to several socio-economic developmental programs like building schools and hospitals, developing agriculture and cottage ndustry, building infrastructure facilities, etc. around its areas of operation on an ad hoc basis… Corporate Level Programs ONGC’s CSR programs at the corporate level focused on disaster relief management and water management projects. When disasters struck India, ONGC provided relief and helped state and central governments in rehabilitating those affected. For example, when a heavy cyclone hit the eastern state of Orissa in 1999, the company provided immediate relief like food, drinking water, temporary shelters, medicine, clothing, etc. ONGC doctors provided medical treatment round the clock.
The company also contributed Rs. 80 million toward the Prime Minister’s relief fund and took steps to rehabilitate the cyclone victims… I Work Center Level & Community Development Programs ONGC was involved in various community development programs like promoting literacy and higher education by providing grants or scholarships to the economically disadvantaged, donating money for the construction and renovation of schools, promoting healthcare by organizing medical camps, eye camps, through mobile dispensaries, etc…
The paper "Complacency can be the biggest enemy of retailers essay" was written by a real student and voluntarily submitted to this database. You can use this work as a sample in order to gain inspiration or start the research for your own writing. You aren't allowed to use any part of this example without properly citing it first.
If you are the author of this paper and don't want it to be used on EduPony, contact us for its removal.Ask for Removal
Cite this Essay
EduPony. (2022) 'Complacency can be the biggest enemy of retailers essay'. 16 November.
EduPony. (2022, November 16). Complacency can be the biggest enemy of retailers essay. Retrieved from https://edupony.com/complacency-can-be-the-biggest-enemy-of-retailers-essay/
EduPony. 2022. "Complacency can be the biggest enemy of retailers essay." November 16, 2022. https://edupony.com/complacency-can-be-the-biggest-enemy-of-retailers-essay/.
1. EduPony. "Complacency can be the biggest enemy of retailers essay." November 16, 2022. https://edupony.com/complacency-can-be-the-biggest-enemy-of-retailers-essay/.
EduPony. "Complacency can be the biggest enemy of retailers essay." November 16, 2022. https://edupony.com/complacency-can-be-the-biggest-enemy-of-retailers-essay/.
"Complacency can be the biggest enemy of retailers essay." EduPony, 16 Nov. 2022, edupony.com/complacency-can-be-the-biggest-enemy-of-retailers-essay/.
If you have any suggestions on how to improve Complacency can be the biggest enemy of retailers essay, please do not hesitate to contact us. We want to know more: [email protected]