According to Eric Orts of the University of Pennsylvania, corporate social responsibility (CSR) has grown in popularity over the last decade, but it is not a new concept; it dates back to the 1930s
India is the only country that has enacted legislation requiring corporations to engage in certain activities or demonstrate their social duty. This is known as Corporate Social Responsibility. CSR was adopted by the parliament in the 2013 Companies Act revision, despite the fact that the idea is not new. We shall analyse the evolution of CSR in India, as well as its prior and current state and applicability, in this study.
Any country needs business or corporate to grow its economy, which will eventually lead to the country becoming developed. When we think of a business or corporation, we think of someone who wants to make money, and in order to get money, they often engage in certain unethical behaviours. As a result, in order to prevent corporations from engaging in such actions, the government enacts regulations that are appropriate for the time and society.
According to Norine Kennedy of the United States Council on International Business, “CSR is not a static idea; it is a changing, evolving aim.” According to Kennedy, there is no clear definition of CSR; however, it is not a substitute for government involvement and responsibility in addressing sustainable development concerns. Sustainable development in the field of company marketing is quickly developing in a number of directions. Some people define corporate responsibility as what firms should do above and beyond the law; others believe it should be legally mandated at the national or worldwide level; and still others believe it is already here and being practised, according to Kennedy.
India has the longest history of corporate social responsibility in the world (CSR). Although the word CSR is new to India, the principle can be found in different historical records and religious writings.