Corporate Social Responsibility

Introduction: * We do many activities in our daily life like respecting your parents and showing respect to elders ,We do it because we live in a family and as well as in society and the members of our family and society expect from us to do it. They do several things for us and expect something from us in return, Which we must do. These expectations from society and our family becomes our obligation which we need to fulfill. The fulfillment of these obligations is called our responsibility towards society. The same scenario applies for business also. What is “Corporate social responsibility” * We do know that every business operates within a society and uses the available resources of the society and depends on the society itself for their existence. This creates a responsibility for business towards a society that they must return to the society in return of what they(Business) had taken. All the activities of business should be in welfare of the society rather than involving in practices that would harm the welfare of the society. So, Social responsibility of business is all those obligations and activities that is done for the welfare of society. For example: A oil firm manufactures oil products and contributes its contribution in the growth of oil sector. Along with that they provide scholarships and educational loans for the studies of their employees children’s .So, in both the cases a business is carrying out it’s social responsibility.

* Work cited:"Social responsibility of business" www.gobokee.net.07 july 2013 <http://www.gobookee.net/social-responsibilities-of-business/>

* As defined by Barnard (1938),CSR” analyses economic, legal, moral, social and physical aspects of environment.”

Importance of CSR

* The question has raised many times in the past as to why the business should come forward to and be responsible towards society and the different interest groups that may be owner, investors, employees,