In the world of Industrialization their no option process of Liberalization, Privatization and Globalization. In this process industrial area focuses on selected people and areas only for productions. New technologies, industrialization and urbanization create gap between the rich and poor as well as urban and rural. Industrials area creates some hazards and disasters which are affected lives of the people and their environment. The process of globalization has thrown new challenges like growing inequality across and within states, nation, volatility in financial market, environmental degradation and competition among the corporation, to overcome these challenges the globalization has to the practice and concepts of Corporate Social Responsibility.
Corporate Social Responsibility is important for Sustainable business. CSR activities follow to ethics, law and international norms. CSR working for sustainable developments of society. CSR is related to sustainable development, improvement of humanity, society, affected community and contribution in eradication of social problem.
It is purposefully investment by the industries which leads them to compete among the other establishments. There are many companies who are engaging themselves in this activity at higher levels and contributing to the society, utilizing and managing in a better way. Indian companies are quite proactive in taking up CSR initiatives, having strategies and their implementation by integrating it in their business models or organizational structure.
Understanding the concept of Corporate Social Responsibility (CSR)
The concept of Corporate Social Responsibility is to understand the process of business in the corporations produce an overall positive impact among the workers as well as in the community. Corporate social responsibility (CSR) is a business approach that contributes to sustainable development by delivering economic, social and environmental benefits for all stakeholders. CSR is a very broad concept that addresses many and various topics such as social equality, women inequality, human rights, corporate governance, sanitation, health and safety, environmental effects, working conditions and contribution to healthy economic development. Now CSR has in Society become obligatory for the industries to implement with sustainable policies and interventions matching to the needs of the people and environment.
Indian CSR Scenario
Corporate Social Responsibility is not a new concept in India. The Ministry of Corporate Affairs, Government of India has recently notified the Section 135 of the Companies Act, 2013 along with Companies (Corporate Social Responsibility Policy) Rules, 2014, which makes it mandatory (with effect from 1st April, 2014) for certain companies who fulfill the criteria as mentioned under Sub Section 1 of Section 135 to comply with the provisions relevant to Corporate Social Responsibility.
As declared by United Nations Industrial Development Organization (UNIDO), CSR is understood as being the way through which a company achieves a balance of economic, environmental and social imperatives (“Triple-Bottom-Line- Approach”) Government of India gives guide line to the industries to implementation of CSR. CSR is a tool to the industries for business as well as sustainable development of society. In Indian industries trying to reach out social, economic backward, marginal group though various programme for developments.
Corporate Social Responsibility is not a single time process. It will go on as the company is surviving and its activities are running. In modern era, consumer is the king. A company’s reputation success and survival is in the hands of society. If the companies will do well for the society, environment, government, stakeholders, consumers and suppliers etc.
then only it will be able to achieve its goals otherwise it will not survive for long. Undoubtedly, companies are taking initiatives for the CSR activities and they know their responsibilities and duties and they are also trying to contribute more and more for them. The companies have come to know that performance of CSR is the need of the hour. CSR has come a long way in India. The companies are integrating their business models with the CSR activities.
Even the report is prepared for CSR activities and in the coming times, it will also be shown in the Annual Reports. Hence, company shall contribute more and more to make this planet better to live in.