India is one of the fastest growing countries in the world. It is the favorite hotspot destination for the investors and thus, the need arises to look at India from an international perspective. The present social marketing concepts are changing constantly and have given rise to new phenomena called corporate social responsibility.
The corporate responsibility in India is all about building, implementing and evaluating the company’s social initiatives. CSR is one of the effective tools that synergises the efforts of corporate and the social sector agencies towards sustainable growth and development of social objectives. CSR is a process of managing the costs and benefits of business activity to both internal (employees, shareholders, investors) and external (community members, civil society groups, other enterprises) stakeholders. In Indian corporate scenario, social responsibility is becoming more visible with every passing day. With the growth in the business, it is equally important to build a trustworthy relationship with the community.
There are various law firms in India, which helps in the development of CSR. Every industry has a set of risks and opportunities in the CSR area. These firms provide proper assistance with these types of risks.
Companies that want to differentiate themselves in a competitive market, can’t ignore corporate citizenship reflected by ethical labour, environmental and social practices, etc. The concept of corporate responsibility in India has increased the number of social activities performed by organisations. CSR activities companies can do are:
Benefits of CSR
Role of Government
The Government has a major role in setting standards for social responsibility in areas such as environmental protection, health and safety and employment rights. It can also provide a policy and institutional framework that stimulates companies to raise their performance.
Government actions are essential in creating an enabling environment for private sector development that diminishes risks, lowers costs, reduces barriers of operation, and raises rewards and opportunities for competitive and responsible private enterprises.
Many of the leading organisations across India have realized the importance of being connected with social causes that offer them an opportunity to promote their brands. An organisation can exhibit a better image in the society if it cares for its employees and involve them in social activities.