Trends in Corporate Social Responsibility in India

Abstract

Introduction: Traditionally followed mindset – capitalism focused only on profits and aimed at only profit maximization. However, in recent times, a new model has emerged – co-operational capitalism which pays emphasis on the profit maximization but also involves the spirit of accountability, cooperation and morals in the social context. Thus, our new age band leaders focus more at profit optimization than just profit maximization.

Objective: To study the noticeable change in accountability from shareholders to a wider range-stakeholder.

Need: The concept of CSR is complex involving various concepts like sustainability, business responsibility reporting and triple bottom line. Thus the main focus of the study is to understand the term CSR and its different meaning attached in different eras.

Research methodology: This study uses qualitative data in order to prepare an explanatory cross sectional paper for the evolution of the concept CSR in India.

Key findings:  It was in 1970's that the term CSR was commonly used. Later the last decade twentieth century saw the swing in the perspective from traditional philanthropy to concern for the underprivileged section of the society. Companies' Act 2013 further enhanced the concept of CSR in India by giving it legal binding nature.

Implications of the study: There is a budding consciousness that business cannot prosper in long term in isolation and thus social progress is important for sustainable development.e