Corporate Social Responsibility Private Sector Undertakings India With Special Reference to Companies ACT 2013 A Critical Study

Abstract

Corporate Social Responsibility can be viewed as an approach embedded in the business practices deriving from ethical values and inherent respect for the community, employees, shareholders, the environment, and the society at large. There is no universal approach to Corporate Social Responsibility. It should be conducted such that it delivers sustainable value to the society for the generations to come. Only in this way can a company have a dynamic and relevant Corporate Social Responsibility vision. newlineFrom the industrial revolution to recent years, social objectives have been almost entirely the responsibility of government. Poverty, corruption, population explosion, pollution, unemployment, illiteracy, beggary, child labor, malnutrition, water crisis, poor hygiene and sanitation facilities, prostitution etc. are few of the problems before India. All these and many other problems can be addressed fully by integrating Corporate Social Responsibility with the Public sector. Though Corporate Social Responsibility is not a substitute for public policy, but it can contribute to achieve a number of public policy objectives such as poverty reduction, environment management, skill improvements, innovation, optimum use of natural resources, development of renewable sources of energy etc. newlinePrivate sector enterprises occupy an important place in the Indian economy. Profit maximization is the primary aim of a capitalist economy. The mantra of hardcore capitalism is profit, more profit and only profit, but recently a new concept has emerged called co-operational capitalism or co-op capitalism. This new capitalism, though focused on the profit motive, also incorporates the essence of cooperation, accountability, and values in the social context. Such an idea of modern capitalism is reflected in corporates, too. For the new generation of corporate leaders, profit optimization is more important than only profit maximization. Hence there is a shift in accountability from shareholders to stakeholders (including employees, consu