CSR in Pakistan's Economy.

Byline: S. KAMAL HAYDER KAZMI

International experts identified that Corporate Social Responsibility (CSR) must not be explained through tax planning policy alone but should be explained within the framework of corporate philosophy, which determinants the needs of the community and the regions in which a corporate entity functions.

Over the world No doubt, CSR is a leading business management concern. In Pakistan CSR, regular multinational firm engagement is an early stage. Domestic firms because of resource constraints, political alter, cultural tradition, crisis effects, and lack of competition are not paying the required attention. Sources recorded that the banking industry plays a tremendous role in financial transactions, business investment, loan provisions, and many other activities to generate economic growth. It is said that there is an association between the financial sector and social investment in health, education, development, employment, sports, and the environment.

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Pakistan: Sectoral Point Contribution At Constant Prices 2015-16

2019-20 2020-21 2021-22 2019-20 2020-21 2021-22 2019-20 2020-21 2021-22

As percent of GDP Growth Rates (%) Point Contribution

1. Agriculture 23.5 23 22.7 3.9 3.5 4.4 0.88 0.82 1.01

2. Industry 18.5 18.9 19.1 -5.7 7.8 7.2 -1.1 1.45 1.36

   Commodity Producing

   42.1 41.9 41.8 -0.6 5.4 5.7 -0.2 2.27 2.37

   Sector (A+B)

3. Services Sector 57.9 58.1 58.2 -1.2 6 6.2 -0.7 3.48 3.59

   GDP (GVA) 100 100 100 -0.94 5.74 5.97 -0.94 5.74 5.97

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   Experts recorded that Pakistan is no exception to the aforementioned context of developing states. Perhaps, our country became acquainted with CSR for the first time when the issue of child labor in the football industry (Sialkot, Pakistan) hit the international headlines. This epidemic challenge gave rise to the emergence of national and international NGOs, particularly those NGOs which were working toward the awareness of CSR.

   Studies identified that the most common approach to CSR is philanthropy. This includes donations (monetary) to dissimilar organizations to enhance society as a whole, mainly in developing states through working on these social indicators of the economy. Furthermore, investing in higher education is akin to investing in the leaders of tomorrow, an investment that would always bring high returns and many advantages in the years to come. Studies also identified that education and healthcare remain neglected in various parts of our country because of...