Corporate social responsibily an imperative to growth with special reference to MECON Limited

The article explores how the concept of Corporate Social Responsibility is actually corporate self regulation integrated into business. The concept was evolved in the form of philanthropy, and was adopted by almost all the profit generating organizations. Subsequently, it was made mandatory by the Regulatory Bodies. Some scholars have argued that businesses, in terms of their managerial capabilities, are better situated to foster certain social goods than the government. A business, for instance, is likely in the best position to weigh different methods of preventing environmental harm from its own manufacturing than a governmental regulatory agency. A business, too, may understand best the kind of education that the youth in the community would need to qualify for high-paying jobs within the corporation. Encouraging companies to spend money for the community‘s good, allows corporations more autonomy than imposing taxes.

The present conceptual paper focuses on identifying the reasons for CSR, and how the whole idea is evolving with the changing needs of the society and what makes it a major component of social and economic growth of the nation. With an example of a PSU the author has tried to justify how a single organization can bring difference in the lives of tribals in the region of Ranchi district. If all organizations similarly play their responsible role in the society, we are sure to be heading towards ‘a sustainable development‘