CSR—In Pursuit of Sustainable Growth and Economic Development

Abstract

Objective: This paper explores vital aspects of corporate social responsibility (CSR) in contemporary business scenario in order to establish its relationship with pragmatic business ethos in the pursuit of sustainable growth and economic development. Prior Work: Over the years, ample awareness and debate have been there about the need for promoting a responsible corporate culture for substantial sustainable development. Incidentally, it has verified some effectual practices. However, evidence suggests that only a few organizations have recognized the importance of CSR as an integral part of corporate culture with consistently increasing contribution to the GDP of the nation. Approach: This paper includes conceptual method to validate the issue of whether CSR is the decisive determinant in sustainable socioeconomic development. This paper also endeavors to support a structural model of business growth based on facts and figures gathered during the research. Implications: This paper highlights two main implications. The first, realizing the duty to protect environment can develop an inclusive understanding of factors, such as responsiveness, responding to environmental needs with frugal ideas that lead to some tangible deliverables and that are responsible for the major proportion of balanced growth. The second implication is the notion that the sense of accountability within firms can fortify the quality of lives of its various stakeholders, resulting in a comprehensive model for sustainable development. Value: The definition of business does not encompass the myriad of elements of creating an offering and selling it at a mutually profitable proportion, but also the elements that surround and sustain life, including preserving the essential resources that permit the maintenance and continued evolution of business community and human life.