Contribution of CSR to the Society

Abstract

A successful organization recognizes its responsibility, and duty towards its various stakeholders. Corporate Social Responsibility is the way companies manage their businesses to produce an overall positive impact on society through economic, environmental and social actions. CSR covers wide range of areas such as community investment, workplace diversity and inclusivity, human rights and supply chain management, health and safety, environmental management and climate change, ethics, morality and integrity. CSR is now high priority for business houses. CSR is no longer viewed as just a regulatory or discretionary cost, but an investment that brings financial returns. It is an opportunity for corporate to gain goodwill. This chapter discusses the importance of adopting CSR in current business environment and the regulatory regime controlling the CSR practices, whether in India or abroad supplemented by case studies and best practices.