CORPORATE SOCIAL RESPONSIBILITY: AN EVOLUTIONARY APPROACH

Uday Kumar Kalva*1

Affiliations
*
Research Scholar, Department of Business Management, Osmania University, Hyderabad-500007.
Telangana, India.
ABSTRACT

From the era of industrial revolution to the era of technological revolution, the sense of
responsibility exhibited by individuals towards the society and their fellow beings has drastically
risen. Despite leading a busy life, every person shows some societal responsibility. The same is
applicable in its full sense to the business enterprises too. Business enterprises apart from earning
profits for themselves and their stakeholders need to contribute towards the upbringing of the
society. This led to the evolution of the concept of corporate social responsibility (CSR). The
idea that business enterprises have some responsibilities to society beyond that of making profits
for the shareholders has been around for centuries. By doing so, business creates wealth in
society and provides better standards of living. The present-day CSR (also called corporate
responsibility, corporate citizenship, responsible business and corporate social opportunity) is a
concept where by business organizations consider the interest of society by taking responsibility
for the impact of their activities on customers, suppliers, employees, shareholders, communities
and other stakeholders as well as their environment. This obligation shows that the organizations
have to comply with legislation and voluntarily take initiatives to improve the well-being of their
employees and their families as well as for the local community and society at large. CSR simply
refers to strategies corporations or firms conduct their business in a way that is ethical and
society friendly. CSR can involve a range of activities such as working in partnership with local
communities, socially sensitive investment, developing relationships with employees, customers
and their families, and involving in activities for environmental conservation and sustainability.
This article focuses its attention on the concept of CSR, the laws related to CSR and the role of
Government in implementation of CSR.

KEYWORDS
Corporate Social Responsibility; Evaluation; Approach; Implementation; India.
JEL CLASSIFICATION
G4, Y9, Y1, M14, Z0.
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