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International Organization of Scientific Research
Corporate Social Responsibility (CSR) with respect to Indian firms can be viewed as a strategic factor which ensures that firms have the social license to operate business, to mitigate reputational and operational risk and finally guarantee that their business keeps progressing upwards. The Government of India facilitates such top organization with the freedom and good will to extend their support towards the development of their organization and the society at large. But, how far it is being carried out is a million dollar questions that only deep probing would clarify. A survey conducted by the Sirota Survey Intelligence (2007) affirmed that employees who are satisfied with their organization’s commitment to social and environmental responsibilities are likely to be positive and more productive than those working for less responsible employers and when employees are positive about their organizations’ CSR commitment, their engagement rises to 86 percent.
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Indian corporate and business enterprises have a long tradition of working within the framework of the ethical values that have defined in our nation's character for millennia. India's ancient wisdom inspires people to work for the large objectives of well-being of stakeholder’s interest. These sound and encompassing values are even more relevant in current times as corporates have been facing the global challenges 1 . Peter Drucker (1945) was amongst the first scholars to address the issues relating to social responsibilities of business in his book "The Practice of Management". The paper tries to highlight the various issues of CSR as per the Companies Act 2013. The paper further discusses how the Maharatna CPSEs have been spending their CSR funds in meeting the criteria. Finally, the paper tries to conclude how the PEs can contribute to the society in meeting the challenges through the adoption of the CSR policy framework.
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CSR in India A historical perspective by PWC
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YS Books International
For overall development of an organization Corporate Social Responsibility (CSR) is becoming an increasingly important activity for business at national and international level. A business cannot succeed in a society which fails, to serve society with their expectations and need satisfaction, therefore, corporations have progressively recognized the benefits of providing CSR programs in their various locations. In India there are several bodies constituted specially to implement and promote CSR activities such as Corporate Roundtable, Business Council for
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International Journal of Business Ethics in Developing Economies
The aim of this paper is to review the status of corporate CSR practices in a large Maharatna company in India, by critically appraising the resource application in the spectrum of focus areas, Schedule VII of the CSR rules, and the consequent impacts. The study focuses on the geographic spread of social investments over a period of time. Finally, the study explores the extent of social implications due to CSR initiatives. For the purpose of the study, we selected IOCL, a major oil and gas company, and the largest corporate identity in India in terms of turnover. The findings showed that through its social development activities, besides major CSR projects, its CSR initiatives have touched millions of lives by providing various infrastructure and grassroots development activities in the focus areas identified in the CSR policy of the company. Provision of water facilities; infrastructure at hospitals, schools, colleges, and skill development institutes/industrial training institutes; and setting up sports facilities across the country were some of the projects undertaken by IOCL. Environment-related initiatives like providing LPG connection to the disadvantaged section of society, improving sanitation, health, and livelihood, and providing livelihood generation skills stand tall among various initiatives undertaken. However, the investments are concentrated in and around the operating area, as per policy, in synchronisation with the prevailing act, thereby creating spatial inequality.
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IOSR Journal of Business and Management
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Global Journal of Commerce & Management Perspective
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Corporate Social Responsibility (CSR) was made obligatory in India vide Section 135 of the Companies Act, 2013 which imposed a minimum spending mandate on CSR initiatives by Indian companies fulfilling certain financial parameters. With this, India became the first country to make CSR mandatory under the local laws, even though a number of Fortune 500 companies such as Apple and Microsoft have been undertaking CSR initiatives voluntarily as well as have made environmental sustainability a core part of their business strategies. The researcher through this paper has made an attempt to thoroughly analyze the constitutional basis of CSR in India for the purpose of which Constitutional articles have been analyzed, in order to show that the underlying principles of CSR have been adequately envisaged in the Constitution by our founding fathers as well as has governed many a times multiple legislations, even though recognition to all principles combined under one head was given only in 2013. The paper further examines in the next section performance of public sector companies in the first year of statutory CSR which threw up some interesting facts and cleared some misconception. Public companies were found to be outranking their private counterparts when it came to responding to mandated CSR, however the difference was marginal since the private companies were found to have more sustainable CSR programs. Also, private companies were seen spending more on CSR when compared with PSEs, with some having their CSR spending beyond 2%, which is the minimum spend. The researcher further proposes the implementation of CSR approach in the core strategies of sick public sector companies, one of ways for the same is incorporating internal CSR which would increase the efficiency of the employees and hence, company’s overall efficiency.
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