CORPORATE SOCIAL RESPONSIBILITY, A STRATEGIC TOOL IN SUSTAINABLE BUSINESS PRACTICE

Abstract

CSR is a management concept according to which it is the responsibility of corporations/businesses functioning within the society to contribute towards the development of the society. The development could be in terms of economic, social, and/or environmental development which creates a positive impact on society. Thus, you can say that CSR is an ethical behavior of an organization towards society. The concept of CSR advocates that organizations must fulfill their responsibility of helping the society in which they operate. It involves engaging directly with local communities, identifying their needs, and integrating those needs with corporate goals and strategic intent. Corporate social responsibility has gained unprecedented importance and come up as an imperative to any companys strategic decision-making. In todays scenario where there are ample opportunities being provided by the government to uplift every other part of the economy, CSR springs up as a separate wing for sustainable growth. This paper specifically aims at providing an understanding of the concept of CSR and the mass recognition gained by CSR in the zones like sustainable development, environmental performance, pollution control, and management of natural resources. This research work throws light on the CSR practices framework of Indian corporate.