Corporate Social Responsibility in India

Abstract

Corporate social responsibility (CSR) can be defined as the "economic, legal, ethical and discretionary expectations that society has of organizations at a given point in time" (Carroll and Buchholtz ). The concept of corporate social responsibility is to earn a fair return for investors and comply with the law. A traditional view of the corporation suggests that its primary, if not sole, responsibility is to its owners, or stockholders. However, CSR requires organizations to adopt a broader view of its responsibilities that includes not only stockholders, but many other constituencies as well, including employees, suppliers, customers, the local community, local, state, federal governments, environmental groups, and other special interest groups. This paper explains about CSR, International labour Standard and Guidelines, OECD Guidelines for Multinational Corporation, UN Global compacts and corporate social responsibility in India.