Corporate Social Responsibility And Sustainability Practises In Indian Companies: An Overview

Abstract

This paper gives us a contemporary look at that segment of corporations that deal with the welfare of the environment and the entire human race, known as Corporate Social Responsibility (CSR). The concept of CSR is gaining prominence in the corporate world. CSR is a tool that companies are buying like hotcakes. The notion of CSR was already embedded in developed countries but at present, even the developing nations are embracing this idea. Almost every firm present in the market is striving to implement CSR in the business to get an extra edge over their rivals. CSR is also demarcated as ‘performance with a purpose’. The standards of CSR and sustainable development are almost congruent to each other which implies that firms are obliged to take decisions not only on financial and economic segments but also pay heeds on the areas concerning the community, the society, and the environment.

This paper focuses on studying the CSR strategies and their impact on the financial performance of the top 5 Indian companies who were the major contributors to CSR in 2020.It also tries to comprehend why an organization contributes to CSR and tries to illuminate the future of CSR. An attempt is made to quantify the impact of CSR with various strategies involved in instigating it effectively. In recent years, a sudden surge was noticed in the espousal of CSR, all the companies are readily adopting CSR as now they knew the financial benefits allied with it in the business world. After the study, it also came to light that CSR is directly proportional to brand equity, i.e., firms with high CSR had high brand equity.