Corporate and Society: A Symbiotic Relationship of Service and Sustainability

Abstract

Business is an economic enterprise and that it must ultimately justify itself on economic performance or achieving its objectives of profit making. It is also true that business is an organ of society and as such it must justify its continuance by fulfilling its role and responsibilities to society. Business depends upon society for inputs like man, money and technology. Earlier, that business organization was considered good which was high profit for its owner but today, the situation has changed. Today responsibility of business is not limited to its owners alone, rather it has assumed larger dimensions. Business has to look to the interests of many other interested groups. Now a days there is feeling that business should help in overcoming social problems. It should try to help the society even at the cost of reducing its profits. After all, it is society consisting of workers and consumers which enables business to earn profits, as saying goes, ‘a tree must protect the land on which it stands’. In this paper I have taken initiative to understand the fundamental changes in paradigm of corporate social responsibility and new innovative practices being applied for its implementation in the last decade in India. An attempt has been made to establish the symbiotic relationship between corporate and society on the basis of secondary study.