Corporate Social Responsibility – Importance and Challenges in India

With the development of industries in India, economic development and growth has been witnessed expected in the country but there are various challenges that the country is facing at present and government all alone is not in a position to cope up with the situation. That’s why corporate sectors have been explained to contribute something for the betterment of the country as the government is also trying the same. Considering the importance of this concept, Corporate Social Responsibility is an emerging trend. Even company bill 2013 has also made it mandatory for all the corporate sector to contribute 2% of the last three year of their profit so that the betterment and upliftment of the economy can be faster and the progress can be termed in the real sense. This paper has explained the growing importance of CSR in India, its impact of the economy and the challenges to convince and lead the all corporate sector towards fulfilling CSR voluntarily and more than expected norms designed by the government.