Corporate Social Responsibility and Its Impact on Society

2115 WordsOct 12, 20119 Pages
CSR in India and Its Impact on Society Corporate social responsibility (CSR) is about how businesses align their values and behavior with the expectations and needs of stakeholders - not just customers and investors, but also employees, suppliers, communities, regulators, special interest groups and society as a whole. CSR describes a company's commitment to be accountable to its stakeholders. With businesses focusing on generating profits, sustainability was not a popular concern among companies up until recently. In this era of globalization, multinational corporations (those that conduct business in more than one country) and local businesses are no longer able to conduct destructive and unethical practices, such as polluting the…show more content…
The Corporation has also unveiled kisan seva kendras as small-format retail outlets to reach quality products and services to people in the rural areas. Indian Oil has also set up the Indian Oil Foundation (IOF) as a non-profit trust to protect, preserve and promote national heritage monuments. The Corporation also supports a variety of endeavors in arts, culture, music and dance, apart from organizing programmes on its own under the banners of Indian Oil Art Exhibition, Indian Oil Sangeet Sabha and Indian Oil Kavi Sammelan. “Corporate Social Responsibility Practices in India sets a realistic agenda of grassroots development through alliances and partnerships with sustainable development approaches. At the heart of solution lies intrinsic coming together of all stakeholders in shaping up a distinct route for an equitable and just social order....” Indu Jain, Chairperson, The Times of India Group New Delhi. The above lines epitomize the soul of the National Survey on corporate social responsibility - Corporate Social Responsibility Practices in India. Times Foundation, the corporate social responsibility wing of the Bennett, Coleman & CO. Ltd., in partnership with TNS India and IRRAD undertook a national survey to understand the underlying dynamics of CSR and the current situation in India. They found out that lack of understanding, inadequately trained personnel, non availability of authentic data and specific information on the kinds of CSR activities,
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