Use of corporate social responsibility for the sustainable development of organization

Abstract

The importance of Corporate Social Responsibility (CSR) is becoming an important criteria for the sustainable growth and development of organization. The principle of sustainable development and integration of the knowledge results in the entire change of socio-economic life. With the greater awareness of environmental and social awareness and more efficient communication, the companies responsibility goes beyond purely legal or profit related agenda into a more holistic approach which has gain new impetus. Organizations worldwide are adopting mission statement and governance activities related to corporate social responsibility (CSR) and sustainable development. The main objective of this paper; CSR is to embrace responsibility for the company's actions and encourage a positive impact through its activities on its environment, customers, employees and public stakeholders who are the major participants in increasing expectations for organizations to act in a more responsible and sustainable ways. The research aims to highlight issues linked to necessity of approaching in Indian companies which might bring a revolutionary difference when the companies starts to get the real idea of CSR and apply it in their firms. The objective of this paper is to examine the nature and extent of corporate social responsibility (CSR) initiatives undertaken by Indian companies and to study the relevance of CSR in business.