Social corporate responsibility

Abstract

This work explores the evolution, importance, and impact of Corporate Social Responsibility (CSR) in India and globally. It argues that beyond creating wealth for shareholders, businesses have a broader societal obligation, a notion supported by historical and modern examples. Highlighting the Gandhian philosophy of trusteeship, the paper underscores the necessity for businesses to engage in ethical practices and contribute positively to society, including employee welfare, environmental sustainability, and human rights. It emphasizes the shift from traditional philanthropy to integrated CSR strategies that address socio-economic and environmental challenges. The article also touches upon the legal frameworks and government initiatives encouraging CSR, illustrating its pivotal role in bridging the gap between economic growth and social development, especially highlighted by the COVID-19 pandemic's challenges.