Preserving National Heritage Through CSR – Fiinovation

In the past few years, it has been observed that the rising global warming, mishandling and inadequate restoration of cultural arts and monuments has caused deteriorating effects on the historical masterpieces around the world. Although the developed countries practice best methods for the conservation of their art and culture, the developing countries often lack both funds and willpower to carry out this exercise. For instance, European Union started the project CHARISMA, which brought industry experts from universities, museums, research institutes and historians from the respective disciplines to share their knowledge, expertise and innovative ideas for preserving their national heritage.

The project aims at developing innovative tools through research to identify the materials and methods originally used by the artists as well as the modern techniques to safeguard them against rising challenges related to environmental degradation. Under this project, different art works like paintings, sculptures, ceramics, manuscripts, monuments, art work of different forms like metal and glass etc., books and archaeological items will be investigated by the historians and archaeologists. Apart from this, several grants and funds are raised through government, civic bodies and private sector for the preservation of its prestigious art and culture.

However, in a country like India, the heritage conservation is often taken for granted and there a very few corporates who are involved in initiatives related to the protection of culture and heritage. Kiran Seth, the recipient of Padma Shri award and founder of SPIC MACAY (Society for the Promotion of Indian Classical Music and Culture Amongst Youth) voices her concern saying, “We have failed to protect so many art forms and now they are lost to us forever. Ustad Asad Ali Khan’s death meant the end of the Khandar Vani style played on the rudraveena. The Koodiyattam style of theater in Kerala has almost no takers now. So much knowledge about our heritage is getting lost every day.”

Even corporates are also lagging behind in extending much support in this sensitive matter. In a recent study it was found that in FY16, the CSR spend on the projects related to heritage conservation by corporates has declined by 40% as compared to FY15. In the first year of CSR rules, the projects related to heritage conservation received Rs 67.87 crore but the funding fell to Rs. 40.88 crore in FY16. Experts believe that sufficient efforts aren’t being done by the government and corporates for preservation of art and cultural heritage and the lack of funds is aggravating the matter further. The government allocates funds for the projects related to heritage conservation only from the tourism point of view. So, if a monument or a historical piece is not important from the tourism perspective, it doesn’t receive funds and precious pieces of glorious history are eventually lost.

The projects related to education, poverty, health and environment receive maximum focus from the corporates as they lack awareness about the benefits associated with programmes related to heritage conservation. Hence, if seen positively, this field has immense scope for executing successful CSR programmes which can integrate a corporate’s activity with its core business objectives. For instance, industries related to tourism and hospitality can derive maximum benefits through the strategically designed CSR initiatives. The programmes can include site maintenance and restoration, carrying out awareness programmes and setting up of management frameworks for maintaining the historical sites. Similarly, other companies whose area of operations holds historic significance can also make valuable contribution towards executing such kind of projects.

In India only few corporates have taken up CSR projects related to heritage conservation. For example, IT giant Infosys Ltd. funds a part of its CSR budget for the restoration of monuments and organising cultural shows in south India. In 2016, Infosys Foundation (the CSR arm of Infosys) completed a restoration project at the Somanatheswara temple complex at Lakshmeshwara in Karnataka, spending around Rs 5 crore over four years. It also organized performances at the two restoration spots in Andhra Pradesh at Lakshmeshwara and Anupu.

Similarly, Yes Bank has used a part of its CSR funds for organising over 100 heritage walks and 50 cycle rides at various heritage spots like Lodhi Garden, Qutub Minar and Hauz Khas in 2016. It has further plans to extend these activities to different cities. It spent Rs. 29.52 crore in FY16 and plans to invest Rs. 34 crore in FY17 for conducting these initiatives.

Many PSUs such as ONGC, NTPC, GAIL and Indian Oil have also undertaken the renovation and maintenance activities for temples and monuments around their areas of operations. The Indian conglomerate Tata Group has been traditionally involved in promoting historical monuments and setting up museums through their institutions and trusts. The group has also helped the Archaeological Survey of India (ASI) through grants.

In 1966, the Ministry of Tourism and Culture has set up the National Culture Fund (NCF) to channelise funds for the preservation of historical monuments and arts. It has identified 100 monuments of national significance which has been put up for adoption by the corporates.

In response to the poor feedback received on the hygienic conditions of the sites, the Ministry launched “Clean India Campaign” in 2012. As part of the campaign, the Indian Tourism Development Corporation (ITDC) adopted Qutub Minar while ONGC also expressed interest in adopting sites like Taj Mahal, Khajuraho Temple and Ajanta-Ellora Caves for their conservation. The main objective of this campaign was to foster a collaborative model wherein corporations are encouraged to adopt a site and the local bodies such as schools, banks, authorities and trader’s associations can come forward for maintaining the nearby areas.

Maharashtra and Rajasthan governments have taken the lead and in creating platforms for corporates to adopt monuments of historical and cultural significance. Government should create awareness programmes and encourage corporates to utilise their CSR funds through structured planning and execution.

Fiinovation, a global CSR consultancy working in the domain of CSR and Sustainability urges the corporates to initiate projects related to the preservation of cultural heritage especially in their area of operations. It will not only help in keeping the history of glorious culture alive but will also enhance their presence as a culturally evolved organisation among the stakeholders.

“It has been said that, at its best, preservation engages the past in a conversation with the present over a mutual concern for the future.” — William J. Murtagh

By Manisha Bhatia

Media & Communications, Fiinovation

Celebrating Womanhood – International Women’s Day

FIINOVATION OBSERVES – WORLD SOCIAL JUSTICE DAY

World Social Justice Day is observed annually on 20^th February for promoting efforts to tackle global issues such as poverty, unemployment, gender equality and exclusion to create an equitable society for all. It promotes social justice, solidarity, harmony & equality for marginalised communities, women and immigrants. The theme of World Justice Day in 2017 is “Preventing conflict and sustaining peace through decent work”. On this day many organisations including the United Nations and International Labour Organisation present plans and issue statements regarding the promotion of social justice. Additionally, campaign groups, trade unions and volunteers are also invited to mark their support on this day.

In 2007, the World Day of Social Justice was introduced in the UN agenda. It urged governments to focus on three important aspects;

a) reaffirmation of commitments made in Geneva Development Summit 1995,

b) recalling the commitment to promote national and global economic systems based on the principles of justice, equity, democracy participation, transparency, accountability and inclusion and

c) reaffirming the commitment made in the 2005 World Summit Outcome to full and productive employment and decent work for all, including for women and young people.

Keeping focus on these aspects will remove the barriers that people face because of their gender, age, race, ethnicity, religion, culture or disability.

Equality is the basic fundamental right of every society and in order to achieve the same, governments have created a framework for action to promote social justice at national, regional and international levels. The governments accept the fact that holistic economic growth can be achieved only by promoting equitable distribution of income, resources and providing everyone an equal opportunity for growth and development irrespective of race, ethnicity, gender, religion, culture or disability. They promote the belief that only social justice can help in achieving the peaceful coexistence within and among the nations.

United Nations also promotes social justice as part of their global mission to achieve equality for all. The recent adoption of the Declaration on Social Justice for a Fair Globalization by the International Labour Organisation is one example of the UN system’s commitment to social justice. The Declaration focuses on guaranteeing fair outcomes for all through employment, social protection, social dialogue, fundamental principles and rights at work.

Fiinovation through its association with corporations for CSR and Sustainability initiatives, have always promoted social justice. It believes that there are serious challenges in front of us, including financial crises, insecurity, poverty, exclusion and inequality within and among societies and considerable bottlenecks to further social integration and full participation in the economy. The road ahead would be to incorporate social integration activities within the social development programmes to boost equitable growth in the country.

“With exclusion and inequality on the rise, we must step up efforts to ensure that all people, without discrimination, are able to access opportunities to improve their lives and those of others.” – Former Secretary-General Ban Ki-moon

By Manisha Bhatia

Media & Communications, Fiinovation

Fiinovation – The Future of Impact Investing in India

Impact investments is not something new to the world anymore. It might have started on a similar concept back in the 1980’s when Bill Drayton’s Ashoka started funding social enterprises. The term impact investing was coined in the year 2007 at the Rockefeller Foundation’s Bellagio Center. The term was given to investments which are made with the intent of generating both financial and social and/or environmental returns.

In the last decade, India has become one of the world’s biggest impact investment market. The global investors are looking at India as a bright spot which is likely to grow rapidly in the next two-three decades. Along with this, there are several social and environmental issues which India would like to resolve while it continues to grow.

It is expected that with all the growth in several sectors, India could absorb $6-8 billion of capital annually by 2025. In the past six years, there has been $4.1 billion worth of cumulative investments with an annual growth of 15%. It is believed that impact investments has touch at least 60-80 million lives in the country focusing on sectors such as financial inclusion, agriculture, healthcare and education. Last year, impact investments touched the billion mark for the first time.

Understanding the present situation, Fiinovation believes that there is a huge importance of impact investors in helping socially relevant enterprises grow and prosper. There is need to focus on increasing investments to promote financial inclusion, clean-technology solutions, education, healthcare and agriculture. Fiinovation comprehends that the potential of impact investments needs to be unlocked as it provides vast opportunity for social and financial dividends.

With the impact investments growing at fast pace, it will be necessary to keep track on the returns. Fiinovation believes that there is a need for guidelines and monitoring frameworks to strengthen the entire investment process. The bottlenecks related to policies and government regulations need to be managed keeping in mind the adequate measures that can help the impact investment market expand. Fiinovation also understands that increase in investments will lead to requirement of professionals and therefore, government policies promoting skill development in sectors such as clean-tech, healthcare, education, digitalisation, financial inclusion, agriculture, etc.

In future, the struggle with access to capital will be done with and the massive challenges, which the sector is still facing, is expected to be addressed. It is also expected that the limited number of investors need to grow over a period of time. Fiinovation expects that better governance and talent will be required to provide support in the market expansion process. For bridging the gap between priviledged and the marginalised, it is important for impact investing to become mainstream.

By Rahul Choudhury

Media & Communications, Fiinovation