Scenario of Corporate Social Responsibility in India

Corporate social responsibility (CSR) is gaining more and more importance day by day. Corporate social responsibility (CSR) is the commitment to improve community wellbeing through discretionary business practice and contribution of corporate resources. Business today have realized that in order to continue thriving they have to adopt more holistic and inclusive business model which has direct correlation with business performance. The present article reviews the concept of Corporate Social Responsibility, initiatives taken by prominent corporations towards CSR, and it also highlights the provisions of CSR in Companies Act 2013. In the words of Mr. Agarwal chairman Vedanta group corporate social responsibility is” To secure our future, we must make sure that no child in India is malnourished and deprived of basic amenities health, education, and nutrition, moreover, whatever you have earned a portion of it should go back to the society.” In a country like India, where 70% of the population resides in rural areas, doing a bit of good to them makes a big business sense as huge volumes and large potential exist there. Mitigating environmental hazards caused due to intense industrial activity is a notable feature of CSR. Thus, there is an urgent need to initiate proactive measures in this regard at least not to harm the society. A company committed to Corporate Social Responsibility will often support projects that will do things like lower pollution, or lower energy output, or in some cases, companies will even give portions of their profit to charities, or will have their employees volunteer for community-building non-profits.