ANALYSIS OF SUSTAINABILITY BETWEEN COMPANIES AND SOCIETY BY WAY OF CORPORATE SOCIAL RESPONSIBILITY REGIME IN INDIA

ANALYSIS OF SUSTAINABILITY BETWEEN COMPANIES AND SOCIETY BY WAY OF CORPORATE SOCIAL RESPONSIBILITY REGIME IN INDIA

Dattakumar Jawalkar

LLM student

Reva University, Bengaluru.

ABSTRACT

This paper will tell examine the pros and cons of the Corporate Social Responsibility on the business and on the society in large, to identify the necessity of inculcating the CSR in Indian Laws, to examine the factors influencing in implementing CSR and to determine the sustainability of Organizations and the Society by way of CSR legislation in Indian Laws in comparison with the Corporate Social Responsibility laws in United Kingdom. The Corporate Social Responsibility deals with the bond between organizations and the societies in which they interact. The Indian Government’s rationale for mandatory CSR is towards making corporate sector take more responsibility and inculcate spirit of CSR, but it will be beneficial only if corporates integrate the concept of CSR into its core business. But the lack of clarity on areas of contribution; confusion about location of the spend; whether contributions made to institutions affiliated to politicians are under prohibited activities; and what kind of reasons would be accepted for not meeting spend target can cause the loophole in the legislation of mandatory CSR whereas the CSR spending is voluntary in the United Kingdom. This paper will analyse the laws relating to the Corporate Social Responsibility in India and United Kingdom and the challenges faced by such CSR regimes in both the countries.

Key Words: Corporate Social Responsibility, Customer, Society, Regulation, Satisfaction, Organization, United Kingdom