The word CSR is derived from the word Yogakshema which means Welfare of the society. CSR is a highly significant concept in today's business world. It is is known as corporate social responsibility and is also known as corporate sustainability, sustainable business, corporate conscience, corporate citizenship, conscious capitalism. CSR looks to change business operations in a way that maximizes a company’s benefits to society and minimizes the risks and costs to society—all while keeping the company focused on creating the business and brand value. It helps the company to be socially accountable to its stakeholder and also to the public. CSR enhances the responsibility of the company towards the society and the environment. The companies’ corporate social responsibility is important for both consumer as well as the company as it raises the moral and ethical value other than the economical value of the company. Corporate social responsibility is charitable in nature by engaging a supporting ethically oriented practice. CSR is strategic initiative that contributes to a brand's reputation. The purpose of taking part in it is to provide positive social value. It upholds the Principles of sustainable development. CSR promotes a positive impact on environment, economic and social factors.
There are four types of corporate social responsibility which businesses can practice
LIST OF CSR ACTIVITIES:
As per Section 135 of the Companies Act 2013 the CSR provisions will be applicable companies who fulfill any of the following criteria during any of the 3 preceding financial year
The CSR rules have widened the ambit of compliance obligations to include the holding and subsidiary companies as well as foreign companies whose branches or project offices are in India which fulfil the criteria specified
If a company ceases to be a company covered under subsection (l) of section 135 of the act for 3 consecutive financial years, it shall not be required to constitute a CSR committee.
