At Avantha, this has been our guiding philosophy. I am of the firm belief that, as a leading global business organisation, Avantha's responsibilities extend beyond mere bottom line concerns, and encompass our myriad social commitments. This long-term approach is core to our business philosophy and is the way our business is conducted globally.

I must add that actualisation of corporate social responsibilities for sustainable development does not entail huge expenses; just a firm commitment and the ability to mobilise resources effectively. Let me explain our philosophy with an example of how an Avantha group company, Ballarpur Industries Limited (BILT), addresses the sustainability challenge in India.

Millennium Development Goals BILT has aligned its CSR initiatives to the United Nations' Millennium Development Goals (MDGs). MDGs range from halving extreme poverty to halting the spread of HIV/AIDS and providing universal primary education.

We believe that livelihood, education and health form the foundation of sustainable development and include in its ambit women's empowerment and environmental sustainability, and addressing these areas will enable sustainable development.

Success story BILT's plants are in the remotest parts of the country and often the only known source of industrial employment.

Widespread poverty, low development indicators on education and health, and few avenues for income generation are common.

Realising that sporadic inputs are inadequate in addressing issues arising from decades of marginalisation, BILT's strategy was to partner NGOs for longterm community development programmes. I am happy to state that our CSR activities have positively impacted over 250,000 people in 220 villages and 20 slum pockets through empowerment, education and health.

Over 6,000 families have been brought out of abject poverty and 5,000 women empowered by access to timely credit through self help groups (SHGs).

More than Rs 4.2 crore has been used to set up micro enterprises which have helped augment family incomes by at least 40%. Infant mortality rate and maternal mortality rate have been significantly reduced in our project areas. More than 85,000 children receive quality education inputs preventing at least 40% of these children from dropping out of secondary education.

A comprehensive HIV/AIDS awareness and prevention programme has touched 40,000 lives. Additionally, a successful platform for collaborative work in partnership with stakeholders like governments,banks, financial institutions, NGOs and funding agencies has been established.

Does sustainable development matter? India's economic growth has widened the income, knowledge, and opportunity divide. The benefits of development have not percolated to all strata of society.

Millions still live below one dollar per day; the problem often compounded by the government's development programmes not reaching the most marginalised. This divide is not conducive to the corporate sector's growth, simply because the number of people left out is directly proportional to the backward pull that will be experienced in the long term.

This backward pull will certainly manifest through inability to access skilled labour, shrinking markets for goods and services, community unrest and aggression, amongst other impediments. Business and corporate organisations must, therefore, realise that sustainable development is one of the fundamental challenges that need to be addressed urgently. Corporate social responsibility reinforces this interconnectedness of social, economic and environmental issues, and thus contributes more than balance sheet activities in combating poverty, hardship and disease. And all this can be well accomplished without putting excessive financial strain on the businesses. All business leaders today certainly need to conduct business with an eye to the needs of the future. In conclusion, let me quote the wisdom of the Irish author and philosopher Charles Handy: "The principal purpose of a business is not just to make profit.

Full stop. It is to make a profit in order to continue to do its business and to do so even better and more abundantly in future."