Inclusive Business for Sustainable Growth

Abstract

Inclusive business is a business that provides goods, services and livelihood on a commercially viable basis on the scale to people living in the base of the pyramid by integrating them in the business value chain. It focuses on the poor as business partners rather than just as potential producers or consumers. There is concentration of global wealth in the hands of a few and inclusive businesses may help in de-concentration and enable rational distribution of wealth among all. The mandated CSR in India is not necessarily promoting inclusive business. The relevant provisions in the Indian Companies Act 2013 do not explicitly mention inclusive business, but the spirit is towards inclusive development of the society by utilising the resources of the business organisation. innovation is the key to inclusive business and it helps companies stay relevant. The corporates in India have huge opportunities to innovate and get into inclusive business in various fields crucial to the common man’s needs.