Can we use the Recovery to further CSR in India?

[Rahul Mitra]

A story to share with you, which many of you have already probably
seen this morning in E.T...."At 8%, India to grow fastest in '10:
World Bank".

My question: is this the best time then to push hard on CSR and
stronger organizational ethics in India, at a time when the world
economy recovers, companies adapt to the changed global situation, and
there is some scope to use new, more responsible business practices?
How can we as CSR practitioners and scholars USE this opportunity that
recession and the recovery offers?

(The entire article is reproduced below here.)

http://economictimes.indiatimes.com/Economy/At-8-India-to-grow-fastest-in-10-World-Bank/articleshow/4689810.cms

At 8%, India to grow fastest in '10: World Bank

NEW DELHI: The World Bank has projected an 8% growth for India in
2010, which will make it the fastest-growing economy for the first
time,
overtaking China’s expected 7.7% growth.

The multilateral lender has revised upwards the growth rate for the
Indian economy this year to 5.1% from an earlier projection of 4%,
according to its Global Development Finance Report released on Monday.
India has consistently outperformed growth forecasts by the World Bank
in the past.

The prospects for the global economy remain ‘unusually uncertain’
despite recent signs of improvement in some parts of the world, the
report points out. Barring a few countries, including India and China,
the bank has cut 2009 growth projections for all other economies and
expects the world economy to contract by 2.9% this year.

"Developing countries are expected to grow by only 1.2% this year,
after 8.1% growth in 2007 and 5.9% growth in 2008.

"When China and India are excluded, GDP in the remaining developing
countries is projected to fall by 1.6%, causing continued job losses
and throwing more people into poverty," the report said.

The report calls on governments around the world to be vigilant when
drawing up strategies to reverse the recent expansionary monetary and
fiscal policies once the world economy takes off.

The bank has urged rich countries to boost the flow of credit to
developing nations to help speed up economic recovery. “Developing
countries can become a key driving force in the recovery, assuming
their domestic investments rebound with international support,
including a resumption in the flow of international credit,” said
Justin Lin, chief economist at World Bank.

Despite the gloomy picture for this year, the bank says growth in
developing countries, led by India and China, could reach 4.4% in 2010
and 5.7% by 2011.

Since global growth will only return to its full potential by 2011,
the gap between actual and potential output, unemployment and
disinflationary pressures continue to build, the report adds.

This World Bank report compares with a more upbeat assessment by the
International Monetary Fund, which said last week the decline in
global output has moderated and it may raise its 2010 growth forecast
for the world economy.