As well as making the money, business also have social responsibilities. Do you agree or disagree?

Business is a socio-economic activity which is critical for society. Businesses should have several social contributions and duties towards a larger societal environment, apart from making a profit and I am in full agreement with

this

statement. In my essay, I shall elucidate the various reason for my agreement with relevant examples.

First

and foremost trade cannot survive in a vacuum while commerce in its essence, need various stakeholders like supplier, financer, customer, manufacturer and the state for its smooth operation. Obviously, with so many stakeholders, working in tandem, to make the venture, a profit-making entity, the importance of responsibility toward them can hardly be overestimated. The employee has to be paid properly, the government has to be satisfied with necessary taxes and levies , the society has to be provided with quality products and the environment has to be protected. To exemplify, the Tata Group business conglomerate has put social goals of quality and social development at par with its intent of making profits in view of making a sustainable organisation.

Further

examples can be found in the case of Wipro, a leading technology company that contributes a large part of its profit to the upliftment of the downtrodden tribals.

Furthermore

,it can be

also

stated with emphasis, that a narrow focus on gains will act as a deterrent to the social and economic upliftment of the masses,

subsequently

, increasing the divide between the rich and the poor. To cite examples, a monopolistic profit-centric attitude of diamond miners in Liberia, and oil drillers in Nigeria has led to the severe concentration of wealth in the hands of few, significantly ,depriving the population of the benefits of development.

This

profiteering has acted as a hindrance to sustained development in countries rich with mineral resources resulting in abject poverty at large. Conclusively, it can be said with conviction, that it is social responsibilities and not solely profitability, that ensures trading and commercial activities prosper and survives along with the eco-system in which it operates. Undoubtedly, it is of paramount importance not only for its own sustainability but for the society from where it intends to make its money.