Corporate Social Responsibility: A Legislative Gateway

Abstract

India a country of as much diversity as is a hotspot for numerous contradictions. On the one hand, after much hardship, the country has emerged as one of the surging economies and a very important player in the new global order. In contrast, on the other hand, it is still combating issues related to impoverishment, starvation, and rights of undernourished children, societal welfare, and the like. The Indian economy sometimes rides a wave of boon and sometimes that of bane, which is because of an uneven, unseemly distribution of wealth throughout, which only increases social unrest; this uneven development and growth spread across the nation has targeted companies and corporate organizations for their contributions to the society. The scrutiny has only been increasing with the rising awareness of the gaps between the haves and the have-nots, which has further led to an outpouring in society’s expectations from the corporate giants. To this, the government has responded proactively, taking most of the corporate houses in its stride to provide for the society without commercial success and hence developing the nation getting in the way. The concept of Corporate Social Responsibility (CSR), a practice where companies realize profits and fulfill philanthropic, societal expectations, has taken ground since times immemorial only to become mandatory later. In the background of such a premise, CSR has time and again presented itself as a wonderful opportunity, the need of every hour and also as a serious challenge to be overcome, with its implications on almost every sector. Ever since it became a legal mandate in the year 2014, India has been a thriving “hotbed for innovative CSR scenarios,” in the words of D S Rawa, Former Secretary-General of ASSOCHAM. This paper seeks to trace the advent and growth of Corporate Social Responsibility in India through the eyes of the law, having undergone multiple legislative changes ever since the inception of the Companies Act, 2013. The paper also analyses the legislative amendments that are already afoot and awaiting enforcement. The researcher has tried to suggest the best possible ideological way forward in light of these multifarious changes, illuminating CSR’s import and primacy as a practice in the wake of the same. Corporate Social Responsibility, CSR projects, CSR initiatives, CSR Ventures, The Companies Act

Imprint

Pankhuri Swarnim, Damodar Hake. Corporate Social Responsibility: A Legislative Gateway. Cardiometry; Issue 24; November 2022; p.752-761; DOI: 10.18137/cardiometry.2022.24.752761; Available from: https://www.cardiometry.net/issues/no24-november-2022/corporate-social-responsibility