Corporate Social Responsibility Driving Forces and Challenges: A Study on Strategic Implications

Abstract

Business houses and corporates have been taking up social welfare activities from time to time. Corporate social responsibility (CSR) is gaining more and more importance day by day. CSR is not only drawing the corporate magnates into its circumference, but is also luring educationists, social activists, reformists, from all over the world to delve deeper into it. Changing market scenario, globalisation, ethical consumerism all are adding heat to the CSR concept. More and more organisations are showing their commitments towards CSR either for enhancing their corporate image or to be in competition. Emergence of different marketing innovations demands direct linkage of CSR practices with the business corporate strategies. The paper concludes that social responsibility is regarded as an important business issue of Indian companies irrespective of size, sector and business goal. Therefore, CSR actions have positive impacts not only on development of rural community but also in their business. The authors reveal some lesson on CSR practices in India which can provide guidance to corporate entities for better implementation of CSR activities.