Csr-an Indian Perspective

The European Union defines
Corporate Social
Responsibility (CSR) as “a concept that an enterprise is accountable for its impact on all relevant stakeholders. It is the continuing commitment by business to behave fairly and responsibly and contribute to economic development while improving the quality of life of the workforce and their families as well as the local community and the society at large.” In broader terms,
CSR means a collection of policies, programs and practices adopted,
AN INDIAN PERSPECTIVE OF CORPORATE SOCIAL RESPONSIBILITY followed and recognized by a company that is based on certain values, including respect for people, communities (in which the company operates) and the environment. Corporate plays a vital role in shaping the quality of life of the society as a whole in today’s globalized economy. According to
Nobel Laureate Amartya Sen,
“Market forces alone are not sufficient for equitable distribution, and some sort of intervention is required, be it political or from business houses, towards society.”
CSR covers various issues, like human rights, working conditions, equality and diversity, consumer protection, environment and health impacts, economic development, ethical business practices and lobbying and political influence. Today, companies are increasingly adopting socially responsible practices because of their long-term benefits. Some of the benefits are:
Creating and maintaining a high reputation; Securing strong relationship with stakeholders;
Creating a better, safer and more stimulating work culture;
Improving business management efficiency; Protecting from boycott actions;
Making access to funding easier;
Benefiting from fiscal advantages and administrative facilitation; Reducing enterprise risk.
Indian Context: The Evolution and
Growing Interest
Companies funded education and other social welfare activities even during the pre-independence era in
India