Experts’ Corner

A Journey Through Time and Spirit Cradled in the lap of the Himalayas, Kashmir is more than a landscape—it is a living chronicle of faith, art, and intellect. Its misty valleys echo with ancient chants, and its rivers carry whispers of sages who once shaped the very essence of Indian spirituality. Through the lens of history and mythology, Kashmir stands as a luminous thread in the vast tapestry of Indian civilization. The Ramayana recounts its emerald forests where vanaras searched for Mata Sita; the Mahabharata venerates it as a land as sacred as Sindh or Gandhara. Kalhana, the celebrated historian, called Kashmir “the land loved by the gods.” Such reverence in scripture affirms the valley’s place not merely as geography,

GST, when it was implemented on 1 July 2017, was envisaged as a significant tax reform which would bring central and state taxes into a unified system and reduce the multifold and cascading effect of indirect taxes. 17 major taxes are subsumed under GST, barring Central Excise Duty, Service Tax and VAT, under the motto “one nation-one tax” of India’s indirect tax framework. While the GST Council has worked overtime and clarified many aspects with circulars and notifications been issued from time to time. In the last 8 years, GST also evolved via rate rationalization and process digitalization, but teething problems continued and proved to be a dampener for GST. Certain issues still remained resolved post its implementation in 2017

Imagine standing before the majestic Taj Mahal, its white marble shimmering under the Indian sun, or wandering through the ancient ruins of Hampi, where every stone whispers tales of a bygone era. These are not mere tourist attractions. They are portals to our past. They embody human creativity, resilience, and diversity. Heritage, both tangible, like monuments and sites, and intangible, like cultural and religious traditions and languages, connects us to our ancestors and to each other across borders and generations. Heritage in that sense is the legacy we inherit. Prime Minister Narendra Modi’s vision of Virasat bhi Vikas bhi – heritage and development, encapsulates this ethos. He emphasises that preserving our past is integral to building a sustainable future. Monuments

When governments reform taxes, the most visible debates usually revolve around consumption and fiscal spending. What often goes unnoticed is how tax changes ripple into the way corporations invest in society. A rich stream of international research shows that when firms receive windfalls from tax reductions, many do not merely increase dividends or capital expenditure—they also raise their corporate social responsibility (CSR) commitments. What research tells us about tax cuts and CSR Scholarly work across multiple countries demonstrates that tax cuts tend to be followed by improvements in CSR performance. A recent study by Chang, Jin, Yang, and Zhang (2025) used natural experiments in corporate income tax reforms and found that tax reductions led to substantial CSR gains, especially in

It is a widely accepted business principle that companies must generate profit to sustain and grow. In 1981, economist Milton Friedman famously stated, “The business of business is business,” emphasizing that a company’s primary responsibility is to its shareholders. Yet, he also acknowledged that businesses must operate within legal and ethical boundaries. Today, profit generation must be balanced with compliance, sustainability, and social responsibility to ensure long-term success and societal acceptance. India’s Journey: From Trade Powerhouse to Development Challenges Historically, India contributed nearly 34% of global trade in the early 18th century. However, during colonial rule, this share fell drastically to 1.4% by independence in 1947. Poverty surged to nearly 80%, creating deep inequalities that persist. A 2021 Oxfam report

In December 2023, the Prime Minister, Shri Narendra Modi gave an ambitious clarion call for transforming the nation into a fully developed, globally influential country— Viksit Bharat – by 2047. Viksit Bharat 2047, which envisions inclusive development, sustainable progress, and effective governance, among others, is based on four pillars: Yuva (Youth), Gareeb (Poor), Mahilayen (Women) and Annadata (Farmers). These pillars also align with some of the key tenets of the Sustainable Development Goals (SDGs) adopted by nations across the world in September 2015, to tackle challenges related to global sustainable development and achieve a more sustainable future by 2030. In that context, the then UN Secretary-General Ban Ki-moon had remarked that the private sector was required to partner with the

When India amended the Companies Act in 2013 to introduce Section 135, mandating Corporate Social Responsibility (CSR) for qualifying companies, it marked a historic moment—not just for India, but for the global discourse on responsible business. India became the first country to legislate CSR, effectively transforming voluntary philanthropy into a structured, accountable, and strategic endeavor. Now, as we complete a decade of this landmark legislation, the CSR landscape in India has undergone a remarkable evolution—moving from ad hoc donations to purpose-driven interventions aligned with national development priorities. This journey offers lessons in innovation, partnerships, governance, and the expanding role of businesses in nation-building. CSR as a Boardroom Agenda Over the past ten years, CSR has transitioned from the periphery to