Study on Corporate Social Responsibility Practices Undertaken by the Selected Chemical units of Valsad district

Abstract

Corporate social responsibility entails social and moral responsibility of the businesses towards community and planet at large. Corporate Social Responsibility or CSR of a corporation means obligation to act in a manner, which will serve the best interests of the society and which leads in the direction of positive contributions to human betterment. It means that they are not doing business merely for maximizing their profits or to make their shareholders happy. Nowadays this concept has undergone metamorphosis to include accepting of moral responsibilities towards the stakeholders i.e. the consumers, employees, labour, suppliers, government and the society and community. Therefore, the fact of CSR has to be carefully devised keeping in mind the specifics of the organization and the kinds of demands that can be made upon it as a corporate citizen by all its relevant stakeholders. In short CSR is a process for the care of people, earth and generating profit by the business. After the amendment in company s act 1956 in 2012, it has been made compulsory by government that companies having revenue of 500 Crore or more have to should spend 2% of their 3yrs profit for CSR. So now it is compulsory for them to spend their money on developing society but the major tasks is how they should spend and where they should spend. During the preliminary review of the management and technical literature it was found that, not much organized efforts or research work has been done on chemical industry in India. There are few efforts made on explaining the close linkage of chemical industry output and its impact on environment. It was also found that not considerable inputs are available in the area of perception towards the CSR of the industry captains. Not much structured efforts have been made on the CSR activities of the industry players of India. newlineIt has interested the researcher to know the perception of various chemical companies of Valsad district about philosophy of social responsibility of business.