India's Corporate Social Responsibility: A Way To Realise A Sustainable Development Objective

Shivangi Singh, CHRIST (Deemed to be University)

Dr. Vidya Ann Jacob, CHRIST (Deemed to be University)

ABSTRACT

As per the World Bank, Corporate Social Responsibilities refer to the business's pledge to support sustainable economic growth by collaborating with their staff, families, the local community, and society to enhance the quality of life in a way that benefits the company and the development.

The phrase "corporate governance" has many definitions in the business world. One of the greatest frameworks for managing and guiding corporate organisations is corporate governance. In corporations, owners possess the ownership and administrative authority granted to the board of directors; they do not manage or run the company. An examination of the laws and policies governing the individuals in control of an incorporated business is known as corporate governance. It is they who consent to bear accountability to the stockholders. Without corporate governance, no corporate body can endure in the business world for very long. Corporate governance is receiving much attention from all organizations and corporations. Additionally, some organizations create booklets specifically for connected parties' budgets that outline all of the policies, guidelines, and practices relating to corporate governance. Indian firms understand that in this age of globalization, they cannot produce total enterprise value quickly and must start with solid corporate governance standards. Despite this, India has consistently scored highly on lists of corporate governance regulations. However, there is still a long way to go. It is currently acknowledged that an organisation can accomplish its sustainable development aim through corporate social responsibility. Companies must now be socially conscious corporate citizens who advance the common good rather than exploiting society's resources. Indian businesses now prioritise all stakeholders more than just charitable giving. Every business action driven by profit must also consider environmental and societal effects. The Indian government implemented a legal strategy to restructure the business-society relationship through the Companies Act 2013, which mandates corporate social responsibility (CSR) operations. In India, corporate social responsibility has come to an end. Indian firms came to the realisation that, to advance towards sustainable development, they needed to consider not just the economic aspect of their operations but also the ecological and social implications.

Keywords: Social welfare, philanthropy, corporate social responsibility, and sustainable development goals.