Scenario of Corporate Social Responsibility in 21st Century
Along with the worldwide implementation of LPG policy, the concept of Corporate Social Responsibility (CSR) also came into focus and with passage of time this concept started attracting the attention not only of all the stakeholders but educationists, social activists, reformists from all over the world. As a result of this today, CSR is one of the most emerging and debatable subjects across the globe and particularly in India. Other major factors which are working as catalysts in heating up CSR concept are changing market scenario, globalization, and ethical consumerism. Some of the major reasons because of which organisations are trying to show that they are committed towards CSR are as: (1) This helps them in developing their good image in eyes of its consumers. (2) To ensure their sustainability in the market. This paper tries to highlight the changing scenario of CSR in 21st century and its impact on Indian economy and society. This paper also highlights the changing model of CSR from the previous days to the present era. Secondly, the paper also shows the result that has arrived after application of new CSR models. The paper also states the areas in which companies have started rendering their services under the concept of CSR. These areas are health, education, child welfare, women empowerment, poverty alleviation, etc. A Company’s Bill was passed in 2013, which made it mandatory for corporate houses to fulfil their CSR and the companies which denied practice the same, the legal action is taken against them. As a result of all these efforts, the developing countries like India got a new ray of hope. Now, companies have started working for society welfare, as they see society and environment as there major responsibilities.