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Question – What is Corporate Social Responsibility (CSR)? What kind of benefits are expected from this? Discuss. – 4 June 2021
Corporate Social Responsibility is a management concept under which companies integrate social and environmental concerns into their business operations and relationships with their stakeholders. That is, the means by which a company balances economic, environmental and social imperatives.
- CSR provisions and related rules will apply to a company fulfilling any of the following conditions:
Companies whose total assets are Rs500crore or more, or
Annual turnover is Rs1000crore or more, or
Companies whose net profit is Rs5 crore or more.
The expected benefits of Corporate Social Responsibility are as follows:
- Assist in eradication of hunger, poverty and malnutrition.
- Promoting preventive health care and sanitation as well as providing safe drinking water.
- Expect to promote gender equality, empower women, establish homes and hostels for women and orphans, establish old age homes.
- Expect to promote education including increasing employment.
Environmental sustainability, ecological balance, protection of flora and fauna, animal welfare, agronomy, conservation of natural resources and maintenance of soil, air and water quality are major benefits.