Corporate social responsibility: modern vis‐à‐vis Vedic approach

Abstract

PurposeWith increasing competitiveness today's business scenario has become highly complex. Aims to focus on corporate social responsibility (CSR), which has become increasingly important in the modern era.Design/methodology/approachA conceptual discussion and approach are taken.FindingsCSR encompasses a wide variety of concerns such as ethical values in business, welfare of society, awareness, respect and protection of the natural and built environment as regular action that business can take to solve the problems being faced by the Society. CSR is an integral part of Vedic philosophy. Vedic philosophy emphasizes that those actions, which are coming from the core of heart, will provide the long lasting results. Veda advocates for minimum accumulation, mutual cooperation and maintenance of natural harmony. Veda reiterates non‐centrality of money in human life, but for corporations money is the real nerve of business systems. Vedic economic philosophy is pure and focused on “Prosperity for all”. The present study attempts to critically evaluate the modern concept of CSR and enrich it with the path described by Vedic philosophy to attain the corporate excellence.Originality/valueFocuses on issues such as corporate accountability, corporate ethics and disclosure of relevant corporate information which are increasingly becoming important centres of attention in business.