Since last few years CSR, as a concept, has been the focusof many deliberations and research.

It has grown in importance bothacademically as well as in business sense. It captures a spectrum of values andcriteria for measuring a company’s contribution to social development. As theterm “CSR” is used continually, many complementary and overlapping concepts,such as corporate citizenship, business ethics, stakeholder management andsustainability, have emerged. These extensive ranges of synonymously used termsindicate that multiple definitions has been devised for CSR, mostly different perspectivesand by those in facilitating roles such as the corporate sector, governmentagencies, academics and the public sector. A Widely cited definition of CSR in the business and social contexthas been given by the European Union (EU). It describes CSR as “the conceptthat an enterprise is accountable for its impact on all relevant stakeholders.

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It is the continuing commitment by business to behave fairly and responsibly,and contribute to economic development while improving the quality of life ofthe work force and their families as well as of the local community and societyat largeā€¦In other words, CSR refers to ensuring the success of thebusiness by inclusion of social and environmental considerations into acompany’s operations. It means satisfying your shareholders’ and customers’demands while also managing the expectation of other stakeholders such asemployees, suppliers and the community at large. It also means contributingpositively to society and managing your organization’s environmental impact.Hence, CSR is a contribution to sustainable development, implying the way acompany balances its economic, environmental and social objectives whileaddressing stakeholder expectations and enhancing shareholder value.Some existing CSR policy initiatives across countries As theimportance of being socially responsible is being recognized throughout theworld, governments are aware of the national competitive advantages won from aresponsible business sector.

Large corporations have progressively realized thebenificts of CSR initiatives in their business operations are located. The Organization forEconomic Co-operation and Development (OECD) established a set of guidelinesfor multinational enterprises in 1976, and thus they are the pioneer indeveloping the concept of CSR. The purpose of these guidelines was to improvethe investment climate and encourage the positive contribution multinationalenterprises can make to economic and social.