Insights and the Perspectives and Initiatives in Indian Industry

Abstract

The concept of corporate social responsibility (CSR) is not a new term to Indian Industry but can be perceived as responsibility on the part of the business and industrial organisations to be accountable to their stakeholders and the society. Various organisations (public and private sectors) have a variety of perceptions about it such as corporate philanthropy or corporate environment responsibility or corporate accountability or corporate science or corporate citizenship or social performance or sustainable responsible business form of corporate or strategic philanthropy or sustainability or corporate moral agency or social entrepreneurship or corporate social responsibility (CSR) as a business process.

Today's CSR is an integral and indispensable part of business strategy with the main focus on sustainability and engagement with internal and external stakeholders. CSR ensuing a people centric approach. Business leaders and organisation providing priority to health care and education as they directly advantages the public at large.

CSR is constantly evolving concept in Indian Industry. It is taken up as an integral part of business activities with usual key performance Areas (KPA'S) and it’s metrics. Many projects management approach is adopted by various companies for planning and monitoring CSR projects. There is need to more emphasis on CSR activities by the Indian industry would go a long way in sustaining organisation's growth and excellence in the long run. Moreover, devising new strategies to meet the emerging challenges being thrown up by the rapid changes which are transforming in the long run.

Hence, CSR is the commitment or an engagement of business to contribute to sustainable economic development, working with employees and their families, the local community and society at large to improve their quality of life in ways that are good for the development of the nation.

The aim of paper is to provide invaluable insights on CSR activities in Indian Industry and how it helps and support in economic development for the country. The paper has used secondary data by referring various government websites, articles, Journals, text- books, company policies, newspapers, magazines, expert advice and so on.