India is becoming one of the fastest growing economies in the world. With a soaring growth rate, India is inviting more international investors to its markets. But is this rise in economic growth solely based on successful business operations? As far as the upliftment of communities, generation of employment opportunities and economic growth is concerned, the government alone cannot attain success. It is also the responsibility of business organizations to take up social and environmental causes and make a difference to communities. This is where the importance of corporate social responsibility steps in.
The concept of CSR is not new to India as large companies like BIRLA and TATA have been integrating good work in their business operations for decades. Even though the concept is not new to the country, its implementation has been a major concern for years. If experts are to be believed, corporate social responsibility is still in the nascent stages in India. In short, CSR is misunderstood for charity by a large number of Indian companies. It is merely considered a policy that should be implemented in business operations rather than giving importance to social good.
Business organizations across the world are realizing the benefits of adopting socially responsible behavior. If a company manages effective stakeholder engagement, it can enjoy a strong reputation in the market for years to come. This idea still needs to be understood and implemented in a better manner by the business sector in India. CSR experts blame the lack of trained personnel, non-availability of accurate information and lack of understanding for the slow acceptance of corporate social responsibility in the country. But the present condition seems to be changing as many companies are trying to accept CSR as more than just planting trees or giving away charity to the needy.
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