Question

Importance of corporate social responsibility in indian companies

Answer 1

The term “corporate social responsibility” became popular in the 1960s and has remained a term used indiscriminately by many to cover legal and moral responsibility more narrowly construed. Actualy, CSR refers to a business practice that involves participating in initiatives that benefit society. But now a days, CSR is a highly misunderstood & misinterpreted term in India. Some Indian corporate companies believe that merely complying with laws & regulations fulfills their need for social responsibility. A responsible corporate recognizes that its activities have wider impact on the society in which it operates. Therefore, it takes account of the economic, social, environmental  & human rights impact of its activities on all the stakeholders. Although India is a favorable business destination for western investors. It is to be tremendously challenging for any business to remain competitive here in the long term. Unless poor people have equity in the growth of economy, India can never be a “ Super Economy”. Here comes the critical role of corporations. CSR is one such niche area of corporates & governance that needs to get aggressively addressed & implemented considerately in the organizations.  At the same time, CSR is one effective tool that synergizes the efforts of corporate & the social sector agencies towards sustainable growth & development of the societal objectives at large...





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