Corporate Social Responsibility and Sustainable Enrichment in India

Abstract

The neo-liberal development model essentially refers to liberalization, privatization and globalisation of the earth's resources for the greater benefit of the people. The emergence of big corporate and their ambition for the optimization of individual profits has not only divided the world between the rich and poor but have also led to an imbalance between development and environmental sustainability. Recent studies and surveys have shown that the earth is gradually becoming a dangerous place to live due to unsustainable human induced activities. Given that, the governments of many countries have stood up firmly to ensure that the ongoing developmental practices remain in optimal harmony with environmental sustainability as well as human security. Hence, the idea that environmental and social security are not only the responsibility of government but demands an effective participation from the corporate and business world. Although, much have been done in the theoretical domain to make Indian corporate aware of social responsibility and environmental ethic as an important segment of their business activity but very little has been achieved as yet. The paper is an attempt to highlight the importance of Corporate Social Responsibility as a tool to ensure greater participation of business entrepreneurs toward protecting the natural eco-system and enhancing the quality of life while undertaking a developmental activity. The study will also elucidate the theoretical and practical contribution of CSR toward achieving the goal of sustainable development in India. More importantly, the paper seeks to discuss the behavioural limitations towards evolving a culture of business ethic and social responsibility in the country. Finally, attempts will be made to develop a .strategy to ensure greater responsibilities and participation from the corporate sector to ensure greater harmony between economic development, environmental sustainability and public safety.