Statutory Frame Work of Corporate Social Responsibility in India

In today’s transnational corporate operation corporation is getting recognized worldwide, but the impact on the society and environment is depraved. The norm -corporate social responsibility grew out of such logical behavior of the transnational corporation. The concept of Social Responsibility (SR)can be traced back to the 1930s Chester Barnard’s publication “The Functions of the Executive and Theodore Krep’s “Measurement of the Social Performance of Business published in 1940 .The 1950s saw the start of the modern era of Corporate Social Responsibility and later it was coined by Howard Bowen in 1953. India is the first country in the world Corporate Social Responsibility to make corporate social responsibility mandatory. In India The Companies Act 2013 for the first-time mandates that private corporations join public sector firms in annual donations for Corporate Social Responsibility. CSR can be termed as “Triple-Bottom-Line-Approach”, which is meant to help the company promote its commercial interests along with the responsibilities it holds towards the society at large. The present research paper explores the extent of Corporate Social Responsibility and the development of CSR in India.