THE CONCEPT OF CORPORATE SOCIAL RESPONSIBILITY (CSR) IN INDIA
Akhilesh Kumar Srivastava, Dr. Richa Singhal
Journal Title:Cosmos An International Journal of Management
Corporate social responsibility (CSR) is a buzzword worldwide. In today‘s globalized world, one of the great challenges faced by firms is integration of CSR in business. Stakeholders require a lot more from companies than merely pursuing growth and profitability. CSR has come a long way in India and other emerging markets. From responsive activities to sustainable initiatives, corporates have clearly exhibited their ability to make a significant difference in the society and improve the overall quality of life. This paper focuses on the concept of CSR, its dimensions and relevance in emerging markets with special reference to India. The concept of Corporate Social Responsibility (CSR) is not new in India. It emerged from the 'Vedic period' when history was not recorded in India. In that period Kings had an obligation towards society and merchants displayed their own business responsibility by building places of worship, education, inns and wells. Corporate Social Responsibility has been defined and conceptualized in several ways during the past four centuries following a process of analysis, debate and scholarly confrontation around the theme. The concept 'Corporate Social Responsibility' (CSR) refers to 'soft', voluntary self-regulation adopted by firms to improve aspects of the company; this can relate to labour, environmental and human rights issues. Keywords: CSR, Sustainability, Philanthropic Approach, Stakeholders.