Recent Scenario in Corporate Social Responsibility
Keywords:
CSR, Socialism, Charity, Community, Trusteeship, Challenges, WealthAbstract
Corporate social responsibility (heirin after CSR) reflects the manifestation of idea of socialism and boosts the idea of trusteeship. The concept of corporate social responsibility can be looked through the prison of philanthropic activities or legal or social obligations. The Indian society recognises the idea like CSR since from ages in the form of “DAAN” or “ZAKKAT” or charity and many more. The CSR was introduced way back in 2007, then its journey finally reached in apex by way of new companies act 2013 which under section 135 mandates CSR. The CSR provides the free hand to companies to spend some of their profit on the society. The idea of socialism recognises that the company which high profit need to pay back as the companies are trustees of society. The Indian constitution also prohibits concentration of wealth in few hands. The CSR is an obligation of the company towards the health of society. The idea of CSR was furthering strengthen by the policy of LPG (liberalization, privatisation and globalization) by Indian state way back in 1991. The global community recognises the CSR as an alternative model of development where the needs of society are fulfilled without long delay. It’s the universal and bitter truth of 21st modern age that states are confronted with the challenge of caste, discrimination, poverty, unemployment, malnutrition, illiteracy, poor health, gender inequality, and many more. The CSR can be used an effective tool for the eradication of all these. However, it’s to be noted that there are certain issues which are found hindered in way of effective CSR among them are lack of public participation, lack of knowledge about CSR, lack of monitoring agencies etc. It’s in the above-mentioned backdrop the paper is an attempt to highlight the evolution of CSR, along with its impact on key areas in India. The paper has analysed CSR in relation to Companies act 2013. At the end of paper certain suggestions has been made for filling the identified gaps.
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