Dr. Purnima Singh

Abstract

The changing scenario of contemporary world bring forth Corporate Social Responsibility (CSR) as a wicked mean for the sustainable development with society welfare-oriented attitude. Earlier the main objective of organizations was profit maximization but now in current scenario organizations have realize that trust building is viable in society for their better future. In the era of LPG (Liberalization, Privatization, Globalization) where cut-throat competition diminishes ethical norms and values, CSR is must to sensitize the Industries and Corporate sector. The organizations are mostly pursuing CSR either for maintaining their benevolence or to be in market race by following Triple bottom line phenomena. But new mandatory CSR provision of Company Act 2013 in India is endeavour to society-oriented approach to industrial development. Corporate Social Responsibility practices are highly influenced by the corporate governance system of the companies. Within the framework of corporate governance, companies are fortified to promote transparency and accountability in their dealings so as to ensure the proper utilization of mandatory budgetary provisions of CSR. This research paper emphasis on the contribution of CSR towards business and society. The paper will further discuss the perception of community towards CSR which exemplifies the sense of responsibility towards the up-gradation of society and in balancing the environment together with the development of the nation.

Keywords- Corporate Governance, Corporate Social Responsibility, Triple bottom line and Sustainability’