Corporate Social Responsibility in India: Present Status, Challenges and Solutions

Abstract

With the Companies Act of 2013, India became one of the first nations in the world to put a statutory requirement on firms to engage in Corporate Social Responsibility (CSR). Perhaps the only nation requiring reporting on CSR pledges as well as expenditures is India. The government has also underlined that CSR spending is not only charity or non-monetary gifts. The government has also made a determined effort to ensure that CSR legislation remains consistent with India’s commitment to the Sustainable Development Goals (SDGs). In India, the landscape of corporate social responsibility (CSR) has grown dramatically; an increasing number of businesses are now actively fulfilling their societal duties. However, various difficulties must be addressed in order to improve the efficacy of CSR initiatives in promoting sustainable and equitable development. The current study article seeks to examine the current state of CSR in India. It was also explored what issues corporations and governments face in terms of CSR. Finally, several suggestions/solutions are offered.