Abstract
Over the years Corporate Social Responsibility (CSR), a concept comparatively new to India, is rapidly picking up pace. CSR has become a fundamental business practice and has gained much attention from the management of large international companies. It facilitates the alignment of business operations with social values. CSR is deemed as a point of convergence of various initiatives aimed at ensuring socio-economic development of the community. Acknowledging the fact that mainstreaming CSR into businesses could be instrumental in delivering societal value, especially in a developing country like India, this paper specifically aims at providing an understanding of concept of CSR and analyses the development of CSR in India. It highlights the policies governing CSR in India and discusses the cases of CSR initiatives in Indian firms including SMEs role in CSR. There are several challenges facing CSR in India and the paper provides suggestions to overcome them and accelerate the CSR initiatives in India.
Highlights
Kotler and Lee define Corporate Social Responsibility (CSR) as “Corporate social responsibility is a commitment to improve community well-being through discretionary, business practices and contribution of corporate resources
The conclusion would be that there is no unanimity on the definition of what constitutes Corporate Social Responsibility (CSR). what could be taken into account CSR is generally used to describe business’s efforts to achieve sustainable outcomes by committing to good business practices and standards
Realizing the role that can be played by corporate sector in addressing some of the glaring problems of a developing nation like India, ministry of corporate affairs (MCA) is expecting a fund flow of more than Rs 10,000 crore a year from private companies for social welfare initiatives as part of their CSR after Parliament clears the Companies Bill
Summary
“A company should have in its DNA, a sense to work for the welfare of the community. CSR is an extension of individual sense of social responsibility. As an engine for social progress, CSR helps companies live up to their responsibilities as global citizens and local neighbors in a fast-changing world.[1] For Indian businesses CSR can be a source of opportunity, innovation, and competitive advantage while at the same time providing with the opportunity to actively contribute to the sustainable development. Organizations in India have been quite sensible in taking up CSR initiatives and integrating them in their business processes. It has become progressively projected in the Indian corporate setting because organizations have recognized that besides growing their businesses, it is important to shape responsible and supportable relationships with the community at large
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