Sustainable Development and CSR An Emerging Issue

Economic development deters the environment and natural resources. The protection of environment and social security were considered as the responsibility of the government. Government and different statutory bodies, in order to respond to this unrest, issued voluntary guidelines on Corporate Social Responsibility (CSR) for social and environmental protection. Now there is a need for an effective participation of business and corporate world to spend some of their profit on CSR. Philanthropy and CSR is not a new concept for the Indian companies. This article attempts to highlight the relationship between CSR and sustainable development, and also elucidates the theoretical and practical contribution of CSR towards achieving the goal of sustainable development in India. It also seeks to discuss the evolution of CSR in India, the legal framework of CSR and the benefits and shortcomings of the CSR provisions under the new Companies Act, 2013. Read on..

Concept of CSR

Corporate Social Responsibility (CSR) refers to running the affairs of a company in conformity with business ethics, transparency, good governance, and being accountable to both the shareholders and the society at large. Business ethics involves fair and honest treatment to all the stakeholders, including the shareholders.