Corporate social responsibility (CSR) and environmental protection- The way forward

Corporate Social Responsibility is not a common term. It is a container concept whichencompasses many different ecological, social and economic issues. Some large companies prefer sustainable development or sustainable business. Several Indian companies mention responsible business or Triple P (People, Planet and Profit). Indian companies and stake holders give a broader definition of CSR than Western companies and stake holders. According to Indian companies sustainable development implies optimizing financial position while not depleting social and environmental aspects and CSR implies issues related to children, women and environment. In the Western context community development is often seen as charity. In the Indian context it is seen as a primary responsibility of a company, not only by stake holders, but also by the local Indian management. Many international companies leave room to their Indian daughter company to develop initiatives in this field; sometimes they even have a special fund. All kinds of initiatives are developed by Indian companies, many times bottom up initiated by the employees. The purpose of these principles are to act as guidelines for companies, nationally and not the least, globally, referring to Trans National Companies outsourcing, relocating or establishing local branches in developing countries. At this scenario first part of this paper concentrates on definition of corporate social responsibility, second part deals with Indian judiciary on CSR and environmental protection, third part exclusively deals with relevant Indian laws on CSR, and fourth part deals with CSR the way forward and finally ends with conclusion.