Framework Of Corporate Social Responsibility In India

Every right has a corresponding duty and therefore with the right to earn profits comes the duty to give back to society. The basis of social accountability is where Corporate Social Responsibility ("CSR") finds its origin. It acts as an instrument for organizations to serve the interests of society.

Evolution Of CSR In India

The concept of CSR is not new in India, it can be traced back to the Vedas, wherein it is mentioned that a man can live individually but for survival he needs to live collectively.

Although the erstwhile Companies Act, 1956 did not contain any provision for CSR, in December 2009, the Ministry of Corporate Affairs ("MCA") issued 'Voluntary Guidelines on Corporate Social Responsibility, 2009' taking into consideration the expectations of society as well as the issues faced in governing our nation ("Voluntary Guidelines").