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Corporate Social Responsibility (CSR) 

  • Definition by World Business Council:
    • CSR is like a promise made by businesses to always do the right thing.
    • It means companies should be good and fair while also helping the economy grow.
    • Businesses commit to making life better for their workers and their families.
    • They also pledge to improve the lives of people in the local community and the entire society.
  • Main Idea of CSR:
    • CSR is about businesses being good citizens.
    • It's like a commitment to act in a way that benefits everyone.
    • Companies want to make a positive impact on their employees, their communities, and society in general.
  • Key Points of CSR:
    • Businesses promise to be ethical, meaning they'll do what's right and fair.
    • They aim to help the economy grow while ensuring a good quality of life for their workers.
    • Workers and their families should experience positive changes, and the local community should benefit.
    • The overall goal is to contribute to making society a better place.
  • In a Nutshell:
    • CSR is like a business promise to be good, fair, and helpful to everyone.
    • It's about making sure that as a company grows, it brings positive changes to the lives of its employees and the community around it.
    • In simple terms, it's businesses being responsible and making the world a better place.
  • CSR Beyond Charity:
    • CSR is not just about giving money; it's now a vital part of a company's plan.
    • It's like saying, "Let's be responsible in how we do business, not just in giving away things."
  • Important for Everyone:
    • Many people care about how a company behaves, not just customers.
    • Employees, owners, buyers, suppliers, and even the community and environment want businesses to be responsible.
  • Accountability is Key:
    • Everyone expects companies to be accountable – meaning they should answer for what they do.
    • It's like saying, "Hey, show us that you're doing things right in your business."
  • Business Strategy Matters:
    • How a company does its work and what people think about it is super important.
    • Companies need to think about how they're seen by everyone – their workers, customers, and the community.
  • Big Deal for Companies:
    • For a company, it's not just about making money; it's about doing things in a way that makes everyone happy.
    • So, being responsible in business is now a big deal for companies.

Question for Social Responsibility and Managerial Ethics
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What is the main goal of Corporate Social Responsibility (CSR)?
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India's Growth and Inclusive Strategy

  • India's Impressive Growth:
    • India has been doing really well, ranking 2nd globally in growth for the past few years.
    • But to keep this going and make it last, we need a plan that includes everyone, especially considering the big differences between rich and poor.
  • Inclusive Growth is the Goal:
    • We want growth that includes everyone, not just a few.
    • In simple terms, we want everyone to benefit from India's success, not just a small group of people.
  • Corporate Role in Inclusive Growth:
    • Companies are a big part of India's growth story – they drive the progress.
    • Now, these companies understand they should do more to make sure everyone gets a fair share of the success.
  • Government's Push for CSR:
    • The Indian government has already said that big companies must spend a certain percentage of their profit on things that help everyone.
    • It's like the government saying, "If you're making good money, you have to give back and help the community."
  • Summary:
    • India is growing fast, and we want everyone to benefit.
    • Companies, with a nudge from the government, are stepping up to make sure their success helps everyone and reduces the gaps between rich and poor.

Question for Social Responsibility and Managerial Ethics
Try yourself:
What is the objective of India's inclusive growth strategy?
View Solution

CSR VS CSV

Social Responsibility and Managerial Ethics | Management Optional Notes for UPSC

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FAQs on Social Responsibility and Managerial Ethics - Management Optional Notes for UPSC

1. What is Corporate Social Responsibility (CSR)?
Ans. Corporate Social Responsibility (CSR) refers to the concept where companies integrate social and environmental concerns into their business operations and interactions with stakeholders. It involves taking responsibility for the impact of their activities on society and the environment, beyond legal obligations.
2. How does CSR contribute to India's growth and inclusive strategy?
Ans. CSR plays a crucial role in India's growth and inclusive strategy by promoting sustainable development, reducing poverty, and addressing social issues. It encourages companies to invest in projects related to education, healthcare, rural development, and environmental sustainability, which uplifts marginalized communities and fosters economic growth.
3. What is the difference between CSR and CSV?
Ans. CSR focuses on companies' responsibility towards society and the environment, while CSV (Creating Shared Value) emphasizes the idea of creating economic value in a way that also creates value for society. While CSR is about managing the impact of business activities, CSV focuses on aligning business goals with societal needs to create sustainable shared value.
4. What are some examples of CSR initiatives in India?
Ans. Some examples of CSR initiatives in India include providing education scholarships to underprivileged children, supporting healthcare programs in rural areas, promoting environmental sustainability through waste management and renewable energy projects, and empowering women through skill development and entrepreneurship programs.
5. How can CSR be effectively implemented by companies?
Ans. Effective implementation of CSR by companies involves the following steps: - Developing a CSR strategy aligned with the company's values and business objectives. - Identifying key social and environmental issues to be addressed. - Engaging stakeholders and conducting regular impact assessments. - Allocating resources and setting measurable goals. - Collaborating with NGOs, government agencies, and local communities. - Ensuring transparency and accountability through regular reporting and communication.
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