Sectoral Transformations in CSR Arena (An Indian Perspective)

Abstract

Corporate social responsibility is the buzz word and has remained in the circles of profit and non-profit organizations. People of the nations from the time and again expect much from these organizations that they should give back of what they had taken from the society at large. Under CSR the corporate houses spend some amount of their profits on various public welfare schemes viz. Education, Healthcare, Environment protection, Development of slum areas so on and so forth. Since last few years the amount to be spent on CSR activities has changed its character from mere philanthropy to an obligatory percentage to be spent on these activities under a proper legal framework. The present study is an effort to know the sectoral transformation in CSR arena which seeks to find the changes that has taken place in various aspects related to CSR activities. It is observed in the study that many new sectors which were not paid any attention in the recent past are now getting due attentionat the time of spending amount on CSR activities. These all comprehensive sector and area are provided in the schedule – VII of companies Act, 2013. At the same time the study has noticed that though companies prescribed a huge amount as per law to be spent on CSR activities, but the actual amount spent is far lesser than what was prescribed.