Expanding Dimensions of CSR-The Indian Way

Corporate social responsibility (CSR) has gained considerable interest among academicians and business organizations in the past decade. More and more Indian business organizations embrace the practice of CSR under different names such as corporate sustainability, social responsibility, and corporate Citizenship. This paper explore whether CSR should exist and investigate conditions when CSR may produce higher welfare than other public good provision channels. We also explore why CSR does exist with a help of Case Study on Coca- Cola. Corporate Social Responsibility (CSR) is not a new concept, but unfortunately has been defined in so many ways, it is often misinterpreted. In fact it has had 40 years to evolve from a somewhat infant concept to a successful managerial tool to build a company's reputation in the global market arena. CSR means addressing the legal, ethical, commercial and other expectations society has for business, and making decisions that fairly balance the claims of all key stakeholders. CSR in India has traditionally been seen as a philanthropic activity. And in keeping with the Indian tradition, it was an activity that was performed but not deliberated. Why do companies invest in CSR? The reasons are varied: to manage their risk, to recruit employees, to bolster their brand in the eyes of investors and consumers, to ease their supply chains, to save money, to increase their access to capital, to differentiate themselves from competitors and - sometimes - because it's just the right thing to do. The Companies Act, 2013 has introduced the idea of CSR to the forefront and through its disclose-or-explain mandate, is promoting greater transparency and disclosure.