The New CSR Regulation in India: The Way Forward

Abstract

We all live in a dynamic society where the change is the only constant. We keep on changing in different forms and manners. All these changes are essential for the wellbeing of mankind in particular and society at a large. This growth at times affect the way that businesses are carried out and as we take so much from the environment around us, a moral obligation remains to return to the society what we take. Due to such understanding Corporate Social Responsibility (CSR) has assumed a new meaning in today's world, and has extended the boundaries of the firm into the society. Emerging as a new field in the management research, many firms in India have taken the initiatives of CSR practices which have been meeting varying needs of the society. Generally, defined in terms of the responsiveness of businesses to stakeholders’ legal, ethical, social and environmental expectations, CSR has generally been a sensible response to consumer and civil society pressures. Moreover over a period of time CSR in India has seen lot of changes. Now, more than ever with the coming of the new CSR regulation in India, lot of speculations has been happening on the implementation and repercussions of the same.This paper makes an attempt to understand the growth of CSR in India and the nuances of new CSR Regulation along with an emphasis on how public private partnership through the work of NGO can help in the growth of CSR practices in India.