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CSR-Understanding & its impact
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Corporate Social Responsibility is now accepted as a means to achieve sustainable
development of an organization. Hence, it needs to be accepted as an organizational
objective. The Companies Act, 2013 will make Indian companies to consciously work
towards that objective, as it requires a prescribed class of companies to spend
a portion of their profits on CSR activities.
Businesses can no longer limit themselves to using resources, to engage in activities
that increase their profits. They have to be socially responsible corporate citizens
and also contribute to the social good. Corporate Social Responsibility (CSR) is
about integrating economic, environmental and social objectives with a company’s
operations and growth. Many consider CSR philanthropy, but that is only a limited definition.
An organization can accomplish sustainable development if CSR becomes an integral
part of its business process.
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