Social Responsibilities: Corporate Funding

We hear a lot about social responsibilities in our daily life and specially these days we hear a lot about Corporate Social Responsibility or CSR. What is CSR, and when did this start? The thought of giving back to the society or the concern can be traced back to the 1930’s. The 1950’s was the start of the new age CSR more commonly known then as SR or social responsibility. CSR focuses on business generating more wealth but at the same time maintaining a harmony between environment and society.

There is a book on this subject written by Howard Bowen by the name “Social Responsibilities of the Businessman” in which he provided a preliminary definition or objective of the CSR: “its refers to the obligations of businessmen to pursue those policies, to make those decisions, or to follow those lines of action which are desirable in terms of the objectives and values of our society“.

Coming to the Indian context CSR is the funding and grants process through which big corporate giants provide financial assistance to the Non-Profit Organizations (NGOs) for the cause of social development, make a positive impact on the living of the economically weaker section of the society and other disadvantaged sections of the society so that they can live a better productive and sustainable life with dignity. These funds are used in various issues ranging from education, health, environmental protection, animal welfare, employment generation, and welfare for physically challenged etc.

In a very positive note a recent report published by NGOBOX reported that the top ten companies have spent Rs 3,306 crore of rupees as against their prescribed CSR budget of Rs 3,160 crore.

By: Madhuchanda Saxena

Content: https://m.businesstoday.in/lite/story/corporates-spend-50-per-cent-csr-funds-in-education-skill-development-ngobox-report/1/282945.html