The ministry of corporate affairs (MCA) will be releasing the national voluntary guidelines (NVGs) on social, environmental and economic responsibilities of business on Friday, July 8 - replacing the 2009 guidelines on corporate social responsibility.

The guidelines are a policy initiative by the government in mainstreaming the subject of business responsibility and enabling the corporate sector to contribute towards holistic development of the country.

A member of the drafting committee says, “2009 guidelines were a statement of intent by government but the new guidelines is much more comprehensive which is telling the business what they should do. In the new guidelines the business responsibility is clubbed with the corporate social responsibility.”

After Netherlands, India is the second country in the world to have a government-driven business responsibility. This will be basically a government initiative based on the principle of 'comply or explain'.

As conceptualised by the MCA thinktank Indian Institute of Corporate Affairs (IICA), the new improved guidelines have clearer directions on the environmental and economic responsibilities of business, besides social responsibility.

Experts suggest that the new guidelines will help businessses become enagaged in the suatainable social and economic development of the country.

The guidelines have been compiled after considering inputs from various stakeholders and will be applicable to all entities - irrespective of size, sector or location.

The ministry will goad all businesses in India, including multi-national companies, to consciously make effort towards adopting and following the guidelines.