Question

‘In uncertain macroeconomic conditions, scrutiny of the relationship between business and society is higher and companies focus their corporate social responsibility efforts to boost their impact in a resource-constrained environment.’ Discuss this statement.

Answer 1

The recent example of COVID19, is something that can be used as the basis for discussing the above statement. The Companies, including the ones who are rivals to each other, are now joining their hands together, to make products with the limited resources, to address the scarcity of daily essentials in the market. These Companies are not seeing other players in the same industry as a threat to each other anymore. While the attempts are certainly made to ensure that they don’t surge into losses, the prime motive is to serve the society in an empathetic manner because tomorrow, when, with God’s grace, situation improves, it shall be the same society who would voluntarily get back to the products placed by these companies in a given market. Therefore, the relationship that they share between each other is put into test during the time of crisis and it is only when the businesses lend their helping hands to the society that under macroeconomic conditions, their relationship is scrutinized well. Therefore, with more the cooperation of these entities among each other, there shall be more the scope of the country to come out of macroeconomics crisis situation in a healthy manner.