Corporate Social Responsibility: A Relationship between Business Organizations and the Society

Abstract

A very simple understanding of the word corporate social responsibility is that it is a relationship between business organizations and the society with which they interact. Under CSR, business organizations voluntarily embark on various developmental activities for the welfare of the society. CSR has assumed a new meaning in today’s world, given that it has extended the boundaries of the firm into the society. But it is a highly misunderstood & misinterpreted term in India. Some Indian 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.

Corporate social responsibility is one such niche area of corporate behavior & governance that needs to get aggressively addressed & implemented tactfully 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.

This paper emphasizes that how CSR has become the linchpin for development of any corporate organizations. This paper tries to bring out CSR initiatives taken by various organizations in India. It will help the readers to understand the current state of Indian CSR, its impact on the Indian society.

Keywords: Business, CSR, Corporate, India, Responsibility