Role of corporate responsibility for ensuring social and environmental sustainability in an emerging economy like India

Abstract

The rapid industrialization and urbanization over the previous decades has resulted in an increase in growth of population. This increase in business and industrialization are the fundamental sources of development, employment and improved options of livelihood. However, for commercial purposes and discharge emissions and wastes into the environment as well, these enterprises are considered responsible for compensating all negative impacts exerted on the environment as a result of their different activities. One strategy for ensuring the appropriate compensation in this regard is the incorporation of the concepts of social, environmental as well as economic sustainability of development. Appropriate strategies for ensuring the same are holistically referred to as Corporate Social Responsibility (CSR). This study reviews the attitudes of few Indian corporate enterprises associated with different sectors for addressing primary contemporary environmental issues, referred to as Corporate Environmental Responsibility (CER). This study also identifies and analyzes strategic opportunities and potential challenges encountered while executing mandatory CER (a significant component of CSR) that is beneficial for further development of both theory as well as policy.