Sayesha Gambhir; Student, SRM University, Delhi NCR
ABSTRACT
Business is lot more than just earning and thinking about profits. As the world is coming up with new challenges, a business cannot grow by just thinking economically. Many social and political factors contribute to the growth of the company. Climate change, global warming and other global challenges that impacts the world at large have compelled companies to be purpose-driven towards the Mother Earth and to contribute for a greater good. Corporate Social Responsibility (CSR) is a model which aims to integrate environmental concerns in the business model of company so as to ensure the protection of the environment. It is from this political, environmental and social perspective, the concept of corporate social responsibility emerges.
A company can easily differentiate itself from the world by including CSR driven policies in their company’s Memorandum of Association. It is by engaging in corporate social responsibility strategy, a company succeeds to differentiate themselves from the world of same business. Further it is also a means through which a company becomes socially accountable to itself and to the public. By following the principles of CSR, a company becomes conscious about its own actions and takes a step forward to contribute in every area of a society, including social, environmental and social aspects of a society.
CSR has a huge impact on society in various aspects, i.e., impact on business, health, education etc and thus, it plays a crucial role in today’s world as it helps to grow the business and at the same time, contributes for the betterment of the ecological and sociological system of the World. It is something that binds together various companies especially MNCs from the society and makes them inclusive to the sustainable development of the world.
