A study on Corporate Social Responsibility (CSR) activities of Balasore Alloys Limited

Social responsibility is a primary duty of every individual or organization. It has to maintain a balance between the economy and the ecosystem. The World Business Council for sustainable development in its publication “Making Good Business Sense” by Lord Holmen and Richard Watts defined “Corporate Social Responsibility(CSR) is the continuing commitment by the business to behave ethically and contribute to economic while improving the quality of life of the workforce and their families as well as local community and society at large”. In a social structure, CSR is having many stakeholders, one among them are companies or corporate houses. The corporate houses are meaningfully contributing from their kitty which influence their internal stakeholders and openhandedly support societal initiatives. In India companies like TATA and Birla are practicing the CSR for decades, long before CSR become a popular basis. There are many instances, where corporate citizens are playing a pivotal role in addressing issues of education, health, environment and livelihoods through their CSR interventions across the country. CSR as a significant subject of public policy has been occupying a vital place in the Indian corporate scenario, as it has build up sustainable relationship with the society at large with the increasing socio-regulatory forces. Organizations are being called upon to take responsibility for the ways their operations impact societies and natural environment. This helps in proper Customer Relationship Management (CRM) and Customer Grievance Management (CGM). This in turn facilitates to safeguard the interest of various stakeholders and to protect the environment. The aim of the present study is to focus on CSR and its contribution to sustainable development of society particularly in the vicinity of Balasore Alloys Limited.