Discuss the core principles of National Voluntary Guidelines on Soical, Environmental and Economic responsibility of business.

National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business were released by MCA in July, 2011. These guidelines have been formulated keeping in view the diverse sectors within which businesses operate, as well as the wide variety of business organizations that exist in India today - from the small and medium enterprises to large corporate organizations. The National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business framework has 36 parameters reflecting nine key principles related to responsible business practices. The Guidelines encompassing nine Principles and related Core Elements identify the areas where responsible practices need to be adopted and the Reporting Framework provides a standard disclosure template which can be used by businesses to report on their performance in these areas. Principles and the core elements Businesses should conduct and govern themselves with Ethics, Transparency and Accountability; Businesses should provide goods and services that are safe and contribute to sustainability throughout their life cycle; Businesses should promote the wellbeing of all employees; Businesses should respect the interests of, and be responsive towards all stakeholders, especially those who are disadvantaged, vulnerable and marginalized; Businesses should respect and promote human rights; Business should respect, protect, and make efforts to restore the environment; Businesses, when engaged in influencing public and regulatory policy, should do so in a responsible manner; Businesses should support inclusive growth and equitable development; Businesses should engage with and provide value to their customers and consumers in a responsible manner.