Prompt: As well as making money, businesses also have social responsibilities. To what extent do you agree or disagree?

It is the social responsibility of every business to work towards the improvement of quality of life of its workforce and society. Earning profits should not be the only motive of any organization. I completely agree with the given statement. Ċ Firstly, every organisation work towards a common goal of earning income. They work towards the goal of increasing their stakeholder’ networth. Stakeholders are the people who have some interests in the trade. It defines as all people including shareholders, creditors, debtors, and many more. All these people are interested in the trade and look for the higher returns on their investments from the company. For instance, if I would invest in the shares of any company, I would expect the rise in the value of my shares. Secondly, The companies which focus merely on the money do not earn a good reputation in the eyes of the community. Finally, companies who have a good reputation in the eyes of their group or community can survive in the long run. Ċ Moreover, the Indian government has also imposed mandatory guidelines related to the corporate social responsibility to every organisation. Additionally, it is the duty of every business to show the transparency and accountability towards the people interested in the trade by presenting correct financial status. For example, in the past, there have been many scandals, which caused harm to the economy. To fix the loopholes in the laws, many amendments have been introduced and authorities work stringently towards following those rules. Ċ To conclude, I would say that every business is accountable for its society. The sole purpose of companies should not be earning profits only.