CSR in India—Between Tradition, Cultural Influence, Social Structure, and Economic Growth: A Status Quo Analysis on CSR Engagement in India and a Critical Evaluation of the New CSR Law

Abstract

Corporate Social Responsibility (CSR) has emerged as a topic of concern in government, corporation, and international business forums due to its multi-dimensional benefits. Today, as people are getting increasingly conscious about global warming and ethical business practices, it is expected from business organisations that they become seriously concerned about their responsibilities for the people and the society as a whole. Hence, CSR has emerged as an inescapable priority in the corporate world in present times. In India, companies have also started to realise the immense importance of CSR as a vital part for attaining sustainability in a highly competitive business organisation. This paper highlights the present situation in India regarding the issues of CSR implementation, and also the challenges that companies are regularly facing while implementing CSR projects. It also discusses possible impacts of the recent CSR law in this country. It is argued in this paper that despite impressive financial growth and enhanced privatisation and liberalisation initiatives, the corporate sector in India is still lagging behind in terms of CSR implementations, and companies have to move faster in this regards in order to ensure the continuing economic progress of the country.