A Study of Corporate Social Responsibility in a Competitive Business Environment

Abstract

There is a varied history associated with the evolution of the concept of Corporate Social Responsibility. It is believed that Corporate Social Responsibility is continuing commitment to integrate social and environmental concerns. Changes in the global environment increasingly challenge business around the world to look beyond financial performance and to integrate social and environmental concerns into their strategic management. The concept of Corporate Social Responsibility holds paramount significance these days. For many business houses Corporate Social Responsibility has become a fundamental business practice. It is believed that in a competitive business environment the initiatives taken by the organizations aims for socio-economic development of the community. In a developing country like India the practices associated with Corporate Social Responsibility could be instrumental in delivering societal value. This paper aims at providing an insight of Corporate Social Responsibility in a challenging and competitive business environment. It also highlights various challenges facing Corporate Social Responsibility in India. It also provides suggestions to overcome them and accelerate the CSR initiatives in India.