CORPORATE SOCIAL RESPONSIBILILTY: NOW AND THEN-AS I SEE

Abstract

We are living in a world surrounded with numerous problems related to environment and society, where CSR (Corporate Social Responsibility) is a means to sort out these problems up to some extent because business is a part of society. Any contribution towards welfare of society is called as Corporate, and can no longer limit them in using resources of society and they have to be socially responsible corporate citizens and must also contribute to the social good. Corporate Social Responsibility is now accepted as a means to achieve sustainable development of an organization. Hence, it needs to be accepted as an organizational objective. According to New Company Law, 2012 corporate must contribute 2% of their net profits towards CSR which made Indian companies to consciously work towards CSR, as it required a prescribed class of companies to spend a portion of their profits on CSR activities. Earning more and more profits is a natural phenomenon of every business unit but social responsibility is an obligation to the people living inside and outside the business organizations. Business comes in contact with various groups of people in the society such as owners, employees, customers, government, suppliers, bankers, etc. The responsibility of business houses, which includes satisfaction of these parties along with the owner, is called social responsibility of business. Government has also come with an initiative to control those business activities which makes a harmful effect on the society.