CORPORATE SOCIAL RESPONSIBILITY - APPROACHES AND CHALLENGES

Abstract

The growth and expansion of corporate India has also given an opportunity for businesses to unleash their latent power, reach, scale of operations and core strengths to contribute significantly to national development through 'enlightened and need-based'. Corporations around the world are struggling with a new role, which is to meet the need of the present generation without compromising the ability of the next generations to meet their own needs. Corporate Social Responsibility means the way in which business firms integrate environmental, economic and social concerns into their culture, values, strategy, decision making and operations in an accountable and transparent manner and, therefore, leading to better creation of wealth, an improved society and better practices in business organizations. The aim of this research paper is, to explain the importance of Corporate Social Responsibility in Sustainable business Development and ascertain how various organizations apply it to achieve various objectives of their business firms. The concluding discussion identifies some limitations to CSR as a vehicle for sustainable development and signals important avenues of research for policy-makers.