Economic Perspective of Corporate Social Responsibility

Corporate bears the social responsibility to the economic development of the company. They are equally responsible to bring up the economic condition of the country. 20% revenue of the Indian economy comes directly from these sectors of the India. It’s a clear indication that if corporate understand its social responsibility and constantly endeavor to give its fullest towards building the strong economy, it would be considered as the brighter perspective of development in the country.

Corporate social responsibility is also known as the corporate conscience, corporate citizenship, social performance, sustainable responsible business. CSR is the process of corporate self regulation treated as the integral part of business model. Policies are adopted as self regulation processes whereby a business can be monitored and observe the active participation to the ethical standards, spirit of law and international rules and regulations. Besides it aims to bear the complete responsibility of the company actions and enhance the positive impacts by referring its effects on the environment, consumes, employees, community, stake holders and other associated people.

The evolution of corporate social responsibility in India refers to its cultural norms which engage the corporate social responsibility whereby the business are managed to give positive activities on the culture, community, society and environment. The fact of CSR reveals that fundamentals are applicable not only for public policy but also for the corporate to responsibly handle the social issues. Thereby they can handle the challenges and serious issues. In these directions the corporate investigators consistently supports the corporate to add on the social responsibilities.

Most of the corporate intend to form the special team of CSR to formulate the policies, plan strategies and goal for the CSR program by setting the fund and budgets. These programs are determined by social philosophy with the clear objective and work in the positive direction of the business. These programs typically cover the environment, healthcare, community development and education development whereby the corporate responsibly work toward the improvement and development of the economy that sounds more about enhanced perspective of strengthen economy.

Top corporate like Reliance, Bharat Petroleum Corporation limited, Maruti Suzuki India Limited and Hindustan Unilever Limited have developed some of the comprehensive methods for CSR policies. Under this program, corporate are providing most of the prominent facilities of medical, sanitation, building public schools and empowering the villagers. In addition vocational training programs are organized to making villagers self reliant and assist for business operation knowledge. Similarly corporate like Glaxosmith pharma focuses on the health aspect of communities. Under this program they endure to provide the up to date medical checkup and treatment facility. Besides, most of the no profitable organization works to organize health and education awareness program in remote and distant villages. These programs are the extended way of flourishing the corporate business.

Some have joint venture with NGO to organize certain program and extend their expertise in devising program to look on the social problems. Private investigators also extend similar supports to all Corporate and NGO to work for the common person who lacks such facilities.

Government should extend the support to the joint ventures of corporate and NGO, in their program to improve combined skill like expertise, strategic thinking, manpower, money to initiate extensive social changes which would bring the socio economic development on fast track.