CORPORATE SOCIAL RESPONSIBILITY IN SELECT CENTRAL PUBLIC SECTOR ENTERPRISES IN INDIA

Abstract

Corporate Social Responsibility (CSR) has been in vogue in the corporate arena for quite newlinesome time now. Companies are thinking beyond the sole objective of profit-maximization newlineand becoming increasingly aware of the social aspect of the business. Much of this newlinetransformation in the business mindset is also an outcome of the economic benefits of newlineCSR in form of improved goodwill and long-lasting customer relations (Crowther, 2008). newlineBusinesses are an integral part of any society. They have an active role to play in the newlineupliftment of the society. There exists an interdependent relationship between business newlineand society where both are mutually dependent on each other for survival and sustenance. newlineAlthough Indian business history shows great examples of philanthropy, the concept of newlineCorporate Social Responsibility has evolved in the Indian corporate sector only in the newline1980s (Singh, 2013). In other parts of the world however, the notion of Corporate Social newlineResponsibility first came up in 1953 with Bowen s Social Responsibilities of the newlineBusiness (Lok Sabha Secretariat, 2013). newlineCorporate social responsibility is essential for survival of firms in today s competitive newlinescenario. The firms today cannot succeed by concentrating on economic objectives; they newlinerather need to be responsible towards all the various stakeholders. The stakeholders of a newlinefirm can be broadly categorized into 3 stakeholder groups: organizational, economic and newlinesocietal. Granting satisfaction to each of the stakeholder groups helps companies to newlinecapitalize on their commitment to another chief stakeholder group their investors newline(Friedman, 1962; Henrique s, 2003; Baron, 2007). CSR aims at providing satisfaction to newlineall the major stakeholders and in return enhances company s goodwill and loyalty of newlinecustomers. newline