A Study of Corporate Social Responsibility in India

Abstract

The concept of Corporate Social Responsibility holds paramount significance in today’s corporate world. Corporate Social Responsibility i.e., CSR is a very common terminology these days. Due to Liberalization, Privatization and Globalization the role and significance of CSR are increasing day-by-day. Thus, there is a need to know the evolution of Corporate Social Responsibility in the country. It is believed that various Indian companies are focusing more in this area. It is also believed that India being a developing country is laying importance in Corporate Social Responsibility. CSR related to responsibilities which corporations have towards society wherein they have been based and operating. CSR is not limited to CSR purview, rather this is even beyond it. CSR can be comprehended in a different way by various people. Some have perceived them being a commitment towards management of different roles which are being played in the society, as customer, citizen, producer and employer in responsible manner while some consider other things as synonymous of CSR like Corporate citizenship etc. Later, this term is being used for starting linking with the Triple Bottom Line Reporting (TBL) that is essentially measured as performance of enterprises against social, environmental and economic indicators.This paper aims at providing an insight of Corporate Social Responsibility in India. It also highlights various challenges and prospects associated with Corporate Social Responsibility in India. Moreover, in this paper suitable strategies are discussed inorder to build a sustainable CSR program.