Introduction

The very first responsibility of any business is to adequately meet the demand of its customers. The more capable is business is at taking care of its clients' needs and requirements; the higher are its chances to sustain in the long run. The idea behind corporate social responsibility is to take the concept of consumer interests and expand its definition to include the interests of society at large. This broadening of the spectrum is important for companies who are trying to sustain themselves in the modern world. Increasingly, only those enterprises that are adhering and adapting according to widely accepted ethical standards of social norms and behaviour, are finding acceptance within the cultural landscape, other businesses are struggling to find their footing. The aspect that is encouraging is that by assisting in solving the important social and ecological issues of this day and age, businesses stand to gain competitive advantages that will put those leaps ahead of the competition and will help them succeed overtime.

With the advancement and proliferation in modern informative technologies are occurring, there is a rise in the expectation of the general public among growing options of goods and services. In this competitive landscape, businesses that are indifferent towards social and ecological issues are more likely to not gain acceptance by consumers. It is very much in the self-interest of the enterprises to treat CSR as an integral part of their operations. CSR benefits organizations by supporting, strengthening, and evolving them into a more resilient market force. The potential implication of CSR on the economic efficiency of the organizations would be instrumental in ascertaining the future course of action in terms of whether the efforts towards increased investment in socially responsible initiatives will continue to receive support from the organizations, or not. If the impact on the financial performance is encouraging, which implies that if CSR turns out to be beneficial for the bottom line of the firms, then there is a strong incentive for firms to heavily invest in, and allocate substantial resources, towards fulfilling their social responsibility, in the pursuit of optimizing their profit margins.

Conversely, if expenditure on CSR prompts negative consequences, then businesses may assume a more cautious or aversive approach towards CSR. Hence, it is paramount to elucidate the correlation that straps corporate social responsibility and profitability together, as it will encourage adaptation and assimilation of CSR into the commercial model of a business or enterprise. Acceptance of CSR in the corporate community is critical in paving way for its acceptance in the community, the country, and the world at large. Regrettably, the contradictory perspectives derived in the preceding academic research on this subject have served as the prevalent opinion for a considerable period. Neo-classical economists have long held the opinion that over-allocation of resources or a significant financial investment towards initiatives about CSR would alleviate the possibilities for utilizing the resources towards optimization of profits. Participation in CSR operations will escalate costs, resulting in contention among stakeholders, and thereby inciting competitive disadvantages and eventually hurting the productivity and commercial performance of the organization.

Contrary to that, the stakeholder theory takes a more optimistic outlook, by suggesting that by allocating resources and investing in CSR initiatives, the relationship between the organizations and their stakeholders can be strengthened, and in the process, CSR can also assist the organization in safeguarding its control over its vital resources that are under the control of stakeholders. Furthermore, viewing it from a resource-oriented perspective (RBV), the resources, whether capital or labour, are scarce, and therefore invaluable and irreplaceable. Resources provide the very ability of an organization to carry out any its functions. By diverging the application of these resources away from the core activities, towards CSR initiatives, it will drastically strengthen and heighten the brand’s market standing and the general public’s perception of the corporate entity. It will also elevate the stature of the enterprise in the eyes of its employees, while simultaneously emboldening customer trust in the enterprise. As a result, the firm will garner a competitive edge which will positively scale the firm’s commercial outcomes.

Keeping complete congruence with the theoretical perspectives derived from the preceding published research work, the verifiable factual conclusions of previous investigation and research are also demonstrably uncertain and ambiguous in their findings. A few researchers have concluded that CSR has favourably influenced the economic performance of the businesses, while others noted that a detrimental co-relation exists betwixt CSR and commercial viability. Having reviewed, not less than 18 different research papers about preceding research work published on CSR, Margolis, and Walsh came to the conclusion that found a mere 53% of all the 18 of the studies under consideration, were favourably and optimistically linking CSR to pecuniary returns, indicating towards an unknown and puzzling nature of the correlation between these two variables.

Literature Review

An enormous amount of theories have been accumulated, in an attempt to fabricate the theoretical framework of the hypothesis. Throughout this specific portion, the aforementioned theoretical suppositions are presented in a brief outline, with intent to provide a holistic synopsis of the concerns that are later covered and elaborated in detail. The theory section has been separated into two parts. The first part demonstrates a wide assortment of prevalent theories attributable to CSR; on the other hand, the second section pays attention to the theories that are considered connected with particular factors that are worth examining.

The evolvement of the CSR concept is explained by many researchers that included the names of Asongu (2007), Carroll (1999), Moura-Leite & Padgett, (2011). They trace and explain the gradual progression of the idea of holding corporate entities accountable for their social responsibilities, particularly from the beginning of the 1950s, until the end of the 2000s. Seen from a historical perspective, Bowen, (1953) is considered one of the most influential CSR intellectuals, who are believed to have conceived the initial concept. Several other scholars have also immensely contributed towards the research literature on CSR in the recent decades (Davis, 1960; Frederick, 1960; Johnson, 1971; Maslow & Herzeberg, 1954; McGuire, 1963; Tuzzolino & Armandi, 1981).

The significant suppositions about CSR related problems can be categorized into Psycho-social theoretical conjectures, Economic theorized assumptions, and hypothesis elucidating the elements that are propelling and demanding the CSR disclosures to be made public. Psycho-social theories comprise certain elements that are an integral part of the social constructs, as well as the thought processes of individuals. The theories expound the details about individual thinking and how it is manifested into a more environment-friendly stance. (Bamberg & Möser, 2007; Hines et al., 1986/87; Schmitz et al., 2012).

Activators for the motivations that are behind the behaviour that we display when we are with others, as well as, our thought and opinions when we are alone, are similarly interconnected (Weiner, 2001). The impact of the stance taken on ecologically viable alternatives is put forth by Hines et al., (1986/87) and Oskamp et al., (1991). Opposition to fortune is likewise co-related with a prior published string of theories, (Kotter, 2007) House (1996) that generates quite expansive motivational theories to further elucidate human condition. There are a few other critical theories, namely Political Economy conjecture, Stakeholder premise, the concept of Legitimacy, and Institutional theoretical suppositions. The ideology of Political Economy was enunciated by Merlo, (2005), while the theoretical groundwork for Stakeholder premise was articulated by Freeman, (2009) and Mitchell et al., (1997). The supposition of Legitimacy was put forth by Tilling, (2004) and the Institutional theories were explicated by Scott, (2004). Theories that are part of the second classification are economical in nature. In this section, a list of theories is put forward that is connected to CSR disclosures. Economic theories are instrumental in conveying the merits and advantages of CSR to the management and leadership of a firm. It is because economic theories directly connect CSR initiatives with profitability, which makes them intuitively the simplest way of communicating the ideas to persons who are primarily concerned about the productivity and financial returns of the enterprise.

The essential theories addressed in this part of the paper are; Positive Accounting Theory (PAT), Agency concepts, Voluntary Disclosure Theory (VDT), Signaling supposition, Resource-based Theory, and the theory of the Proprietary Cost. These noteworthy theoretical doctrines are construed by several distinguished intellectuals such as Zimmerman & Watts (1986), Mitnick (1973), Ross (1973), Guidry & Patten (2012), Verrecchia (1983), Spence (1973), Wernerfelt (2006), Ellis et al., (2012). The propulsive elements of CSR are investigated to support the continual build mounting upon the theoretical framework that is lying underneath the question under consideration. The variety of approaches taken towards these driving energies are submitted and examined concisely in this section. Credible theoretical doctrines are put forward by Chandler & Werther (2010: 94-107), who created a remarkable model and presented it through their published text. Intellectuals such as Pederson (2010), Visser (2008) presents an alternative set of drivers, however, the overarching concept remained analogous. The subsequent section attempts to characterize the alliance that gets formed among the firm’s leadership, its social responsibility, and corporate governance, calling attention to the academic foundation that is required in the case of an ancillary research question. There is a merging of sources, namely Finnish Corporate Governance Code (2010), Jamali et al., (2008), Friedman (1970), Knudsen et al., (2012), Zollo et al., (2009), Chih et al., (2010) done with intent to crack wide open the elements about the relationship.

After grappling with the general outline of the substantial framework of the theories, the thesis probe the more specific problems about particular variables. Every variable addressed in the current portion of the paper is separately legitimized through a set of theories. The Industry sensitivity variable is founded upon findings derived from relevant research presented by the likes of Adams et al., (1998), Gray et al., (1995), Jenkins & Yakovleva (2006), Line et al., (2002), Ness & Mirza (1991), Clarke & Gibson-Sweet (2004). Furthermore, the variable amalgamates the information put forth by Bowen (2000), Hoffman (1999), Reverte (2009).

On the other hand, it would be accurate to perceive the Company size variable as the derivative of an assortment of conceptual ideas and thoughts, proposed by Rahman & Widyasari (2009), Watts & Zimmerman (1986), Hackston & Milne (1996b), Adams et al., (1998), Clarke & Gibson-Sweet (1999), Gray et al., (1995), Cullen & Christopher (2002), Patten (2002). These theoretical doctrines primarily attempt to analyze and extrapolate that the magnitude of the corporate entity potentially have implications on disclosures relevant to corporate social responsibility, and this thesis also strives to demonstrate this conclusion. The next variable to be considered in the study is the variable of Media exposure. Studies performed by the likes of Patten (2002), Simon (1992), Bansal & Roth (2000), Bansal & Clelland (2004) are employed to illustrate the interconnection. Institutional ownership variable is another crucial variable that is fabricated based on information accrued from the work of Coffey & Fryxell (1991), Graves & Waddock (1994a), Fauzi et al., (2007), Saleh et al., (2010), Cox et al. (2004).

In totality, three financial variables are utilized in the thesis; these are named profitability, leverage, and liquidity. The studies that contributed towards the creation of the variable of profitability are performed by the likes of Cowen et al., (1987), Ismail & Chandler (2005), Brammer & Pavelin (2008), Hackston & Milne (1996a), Freeman (2009), Belkaoui & Karpik (1989), Inchausti (1997), Ng & Koh (1994), Tilling (2004). A considerable quantum of research literature is available, that dissects and investigates the profitability facet of CSR. The inter-connection of CSR and leverage is also backed with many substantial and potent studies (Brammer & Pavelin, 2008; Jensen & Meckling, 1976; Purushothaman et al., 2000; Webb, 2005). The same amount of prolific research links the ability of a corporation to fulfil its social responsibility, with the level of liquidity that exists within the said enterprise. (Abd-Elsalam & Weetman, 2003; Aly et al., 2010; Ezat & El-Masry, 2008; Samaha & Dahawy, 2011).

The final set of variables aims at elucidating the characterization of the firm's leadership or top-management personnel, based on factors, namely diversity of genders, independence of thought, and the mean age. The evidence of the impact of diversity of genders on disclosures relevant to CSR was predicated upon the findings of numerous bodies of research work, and a few among those were incorporated (Babcock, 2012; Grosser & Moon, 2005; Soares et al., 2011a). An analogous approach was adopted to arrive at the independence variable (Honnold, 1984; Vlosky & Vlosky, 1999) and the same was replicated to reach the variable of the mean age (Ibrahim & Angelidis, 1995; Wang & Dewhirst, 1992; Webb, 2004).

The final segment comprises the theoretical doctrine that is linked directly to the auxiliary issue about corporate governance. It is aiming to construct an academic foundation for the assertion that the connection of corporate governance suggestion deviances can be traced to disclosures about social responsibility endeavours. The way this association would play out is that higher the frequency of deviances there is, the more would the rating of social responsibility endeavours is likely to be harmed as a consequence. This assumption is supported through a combination of findings derived from several studies. (Babcock, 2012; Nasrullah, 2010; Ibrahim & Angelidis, 1995).

Objectives

a. The overarching goal of this project is to comprehensively analyze the expenditure, budgeted by the Indian businesses and enterprises, directly as a result of CSR spending.

b. The secondary goal of this exercise is to assess and determine the overall point of view or outlook of the Indian business community, towards Corporate Social Responsibility.

Methodology

The work was predicated on and in complete accordance with the analysis derived from secondary data. Several sources have been referred to accumulate the data that is under consideration in the paper. Rudimentary statistical analysis is deployed to interpret the data.

Data Analysis and Interpretation

According to the schedule VII of the Companies Act 2013, the following activities may be included by companies in their corporate social responsibility policies or guidelines.

a. Universal elimination of acute starvation, scarcity, and impoverishment;
b. Advancement of learning and instruction;
c. Encouragement to equality between genders, leading to empowerment and enablement of women;
d. Alleviation of child mortality rates and amelioration of maternal healthcare;
e. Counteraction addressing HIV and AIDS, malaria, and other fatal diseases of such nature;
f. The proliferation of eco-friendly practices that aim towards protection and preservation of the environment;
g. Expansion of vocation through improvement in occupational abilities;
h. Participation in commercial projects aimed at public welfare and progress;
i. Benefaction towards the Prime Minister's National Relief Fund or another fund of the similar kind, put in place by either the central or the state government, for sociological and financial growth, increasing the efficiency and effectiveness of assuagement efforts, and elevation of the economic and socio-cultural situation of people belonging to SC, ST, or OBC categories, religious and sexual minorities, and women.
Any other such matter as shall be specified within the purview of the act.

The Income-tax Act, 1961 (Section 80G), specifies the relief funds and charitable organizations, donations to which are qualified for subtraction from total earnings.

After benefaction permitted, contingent upon the ceiling of 10% of the Adjusted Total Earnings:

a. Benefaction made to public or government bodies, in an attempt to aid programs about family planning, and other such schemes are permitted to the fullest, i.e. the entirety of the amount.

Eligible for 50% Deduction

a. Donation made to the Government, at any level (Local, State, or Central) for other charitable objectives
b. Donation provided with intent to support housing accommodation/ infrastructure enhancement of cities, towns or villages, and other such purposes.

Qualified for 100% Subtraction without a Maximum Limit

a. Benefaction granted to the Prime Minister’s National Relief Fund
b. Benefaction provided to the fund for Medical assistance and care to the impoverished, operated by the government at the state level.
c. Donation offered to aid the National Illness Assistance Fund
d. Donation submitted to the help and support fund put in place by the Chief Minister or Lt. Governor.
e. Donation intended to aid authorized academic institution or learning

The expenditure incurred through the pursuance and accomplishments of CSR activities was approved for deduction under the cases that are stated below: demy of domestic notability, and other such recognized institutions.

• Financial assistance granted with the intent of the creation and installation of drinking water capabilities and assisting schools that are established for the use of the local community, in which the taxpayer resided or worked.
• Spending on communal support schemes and social protection activities carried out in the proximity to the production facility or unit of the taxpayer.
• Economic assistance to enable installation of traffic signals and stoplights in the surrounding neighbourhood and locality of the workplace of the taxpayer, in an attempt to ameliorate the traffic conditions, proving advantageous for the workers, while simultaneously fulfilling the societal commitment of the enterprise.
• Funding and facilitation transportation to Bhuj and Jamnagar post the earthquake, with an intent to contribute towards the relief work.
• Economic support to actualize construction of an arena or playing ground for hockey, for the utility of the population residing nearby.
• Financial contribution or patronage of sports competitions and championships and establishing a clear affiliation with the trophy.
• Monetary assistance provided to health care society and science foundation by a Pharmaceutical corporation, with an intent to obtain goodwill for the corporation or enterprise.

1. CIT v. Madras Refinery Ltd. [266 ITR 170] (Mad)
2. CIT v. Madura Coats Ltd. [24 DTR 24] (Mad)
3. Infosys Technologies v. JCIT [109 TTJ 631] (Bang)
4. Jindal Steel and Power Ltd. [16 SOT 509] (Delhi)
5. ITO v. VeluManickam Lodge (123 ITD 25) (Chennai)
6. CIT v. Lake Palace Hotels & Motels (P) Ltd. [293 ITR 281] (Raj)
7. ACIT v. Ranbaxy Labs Ltd. (7 ITR (Trib) 161] (Delhi)

The graphs presented below demonstrate the spending patterns and proportion of the expenditure incurred by businesses performing activities about CSR. It is useful to uncover and acknowledge the fact that organizations are highly engaged and very keen on investing more notably in CSR initiatives. In totality, 20 enterprises contributed over ?100 crores towards CSR related activities. In the same vein, 20 firms have budgeted CSR spendings of more than ?50 crores but lower than ?100 crores. A total of 21 commercial organizations have invested between the range of ?25 to ?50 crores.

Case Study of V Star Company on CSR

From the very outset of its establishment, V-Star Creations Private Ltd., (hereinafter referred to as “the firm”) perceived itself as a firm that understood and acknowledged its responsibility and obligations as a corporate entity, towards the larger society of which it is an integral part of. As a consequence of this acute awareness, the firm has been at the forefront of championing public issues and pursuing socio-economic and charitable objectives. The firm has made an active attempt, continually, to engage in co-operation with philanthropic foundations and women mutual aid groups, with intent to establish production facilities for the manufacturing of ready-made garments and to create employment opportunities for around 1500 rural women. These initiatives attest to the promptness and willingness of the firm to engage with societal issues and its commitment to search for solutions.

Furthermore, the firm provided donations, at regular intervals, to the K Chittilappilly Foundation. This foundation is heavily involved in performing a range of different charitable activities. In an attempt to streamline the efforts of the firm in the domain of CSR, and to narrow down the focus of those efforts into more specific areas, the management of the firm has decided to draft a detailed framework to be put in practice on CSR.

The measures fabricated under the CSR framework, on implementation, applies to the entirety of the firm, which will involve all the different departments functioning within the firm, including production department, present, and future trading departments, as well as the main headquarters of the firm.

The CSR Budget

The appropriate budgeted amount to be allocated to supplement CSR related expenditure throughout a certain financial year will be first ascertained and then suggested by the CSR Committee of the firm. After considering the recommendation made by the committee, the board of directors will approve the budgeted amount of expenditure, either with or without modification. This approval would be provided during the first meeting of the firm's members, to be held in a particular financial year.
The scope of spending on CSR related activities

The firm should prioritize regional spending. It entails that local areas or immediate surroundings of the branches/manufacturing units/facilities/premises of the firm should be given preference when it comes to the budgeted amount assigned specifically for activities about CSR. More importantly, the activities supplemented through this allocated spending will be limited to the geographical frontiers of India, in their scope of application.

Areas of Activities to be Undertaken

The initiatives and efforts are undertaken either directly or through trust, or institutional support from external organizations such as NGOs and others. Sections 8 of the company’s act, 2013 mentioned below are the specific domains in which the firm can proceed to execute its CSR activities. Elimination of starvation, impoverishment, and undernourishment, fostering preventive medical services, sanitary facilities and facilitating the accessibility to clean water that is fit for drinking are some of the activities.

• The firm can actively contribute towards the funding of the mid-day meal programs. Other avenues of providing monetary aid are orphanages, old age homes, child welfare organizations, and other similar organizations. The funds provided are utilized to buy cereals, grocery, pulses, and other such food items, so that food with adequate nutritional value to the children living in orphanages or inmates inhabiting the old age homes.
• The firm can employ its financial resources towards disseminating knowledge and information among the masses, making them aware about day-to-day living habits and practices, hygiene for instance, that can bring a difference in their lives, and will be instrumental in preventing the spread of diseases such as diabetes, cardiac and respiratory diseases.
• The firm can also direct funding towards the creation of awareness campaigns against substance abuse, by encouraging the establishment and running of camps that push-back against the use of harmful substances such as alcohol, smoking, drugs, and so on.
• The firm can initiate a partnership with the Heart care foundation, and financially aid the installation of AED machines at public places.
• By planning a collaboration with educational institutions, mutual aid groups, retirement shelters, and other organizations, the firm can direct its funding towards establishing essential amenities such as sanitation.
• The firm can assemble its resources and manage them to arrange and install machines that can purify water, pumping equipment, and digging or reconstruction or refurbishment of water containing wells and bores in rural areas, villages, and other remote parts of the country.
• The firm can provide monetary aid to disadvantaged and poverty-ridden groups of people, helping those combat diseases.
• Material assistance can help arrange educational kits for public schools, that will consist of study materials, uniforms, and other essential school supplies to disadvantaged students.
• The firm can allocate its resources towards developing infrastructure facilities for public schools.
• The firm can contribute financially towards setting up training facilities, with intent to aid the development of vocational competence and expertise among kids, women, older people, and differently-abled persons.
• The firm can also fulfil its responsibility towards the larger society by allocating its fiscal resources towards providing educational assistance and support to children who belong to financially advantaged families, that are also a part of the society, and therefore, comes under the purview of the societal obligation of the firm.
• The firm can also choose to reward students with academically brilliant results or professional records by financing scholarships or cash awards to students studying in public Schools and Colleges.
• The firm should fund awareness initiatives around social issues such as gender equality and women empowerment. There are many initiatives that the firm can invest in such as the construction of shelter or foster homes for orphans and hostels for women; establishment of homes for the aged and retired persons, child care facilities, and arrangement of similar housing and accommodation facilities for senior citizens. Furthermore, the firm can take steps to invest in mechanisms that can help alleviate inequalities encountered regularly by socio-economically disadvantaged groups of people.
• The firm can focus the attention of financial resources towards making sure that its commercial activities are sustainable with the environment. The firm should do everything in its capacity to maintain the ecological balance, which will involve the constant retention of air quality, soil fertility, and purity of water. Initiatives protecting the flora and fauna, ensuring the welfare of animals, and conserving the natural resources, should be pursued by the firm.
• In collaboration with several local authorities, the firm can craft and carry-out awareness programs, within the framework of pro-green environment initiatives. Such initiatives could include the distribution of reusable, recyclable carry bags for household purposes, and extend financial assistance to encourage environment-friendly practices like organic farming.
• An effort could be made to protect the national heritage, art, and culture through investing in projects such as rebuilding and refurbishment of edifices and archaeological memorials or monuments, as well as artistic heritage that is valuable from a historical perspective. Similar preservation is required by literary works of renowned authors, as it helps sustain the local and traditional dialects. Firms can invest in the establishment and running of public libraries, which can considerably help in this domain. Firms can also grant monetary aid to local museums and heritage centres.
• The Firm can direct its attention towards taking care of people retiring from the army/navy/air forces, surviving spouses of war martyrs, and their dependents.
• Investments can be made in the arena of sports to support training, in an attempt to encourage rural games, domestically accredited sports, Paralympic sports, and Olympics.
• Financial benefaction can be made to the national assistance fund put in place by the Prime Minister’s office, or another fund of a similar kind, that is under the operational supervision of the government bodies at the central level for societal progress and economic growth and the upliftment of the Scheduled Castes, the Scheduled Tribes, other backward classes, minorities, and women.
• Funding technology business start-up centres approved by the national government, created within academic institutions can be among the priorities for firms to invest, in terms of CSR.
• Financial resources can be allocated to assist scientific research work, by funding laboratories, and R & D facilities, residing within institutions of domestic prominence and local centres for learning and education, accredited by national government bodies. All such initiatives connected with the above can be funded through corporate finance and assistance.
Rural Development projects
• Firms can provide financial aid to infrastructural projects taking place in rural and remote areas of the country, helping them develop and grow, by working in partnership with local public authorities and institutions.
The following are the activities that are not to be considered as CSR associated activities by the firm:-
• Any amount of spending done on activities that are not associated, in any shape or form, with the initiatives specified in the sub-clauses 7.1 to 7.10 of clause 4 from above.
• Any expenditure incurred on initiatives that are advantageous exclusively for the workers of the firm and their near and dear ones, and no one else.

CSR Supervision and Controlling Methodology

The panel in charge of CSR is entrusted with the task of monitoring the magnitude of spending that is permitted by the managerial and directorial staff of the firm quarterly. Contingent on those observations, the CSR Committee is also liable to craft a half-yearly report for the leadership of the firm. Other than that, the Directors’ Report must also incorporate an annual record on CSR comprising the particular details in the specified template.

Conclusion

The data analysis of this paper underlines the conclusions that not only do corporate entities are exhibiting immense interest in investing in activities about corporate social responsibility but that those investments and spendings are becoming more and more substantial as time goes by. The above-discussed figures highlight the changing landscape of Indian business enterprises, which are increasingly taking CSR more seriously and acting upon those commitments with vigour and resoluteness.

The conclusions of this study are reflective of similar observations made in various other studies. One similar study investigated the outlook of Malaysian managerial personnel and staff towards societal obligations. The study also tried to map the scope of CSR related activities, corporate disclosure, and the driving elements that influenced the perspective of the business community towards social responsibility.

The results exhibited that around 65% of the participants were in agreement that the brand image is positively impacted and that the public's opinion of the enterprise improved as a result of CSR related activities. Almost all of the participants responded affirmatively when asked about their company's involvement in CSR associated activities.

Out of all the participants, an impressive 54% mentioned that their organizations were keen on informing the general public about their accomplishments in the domain of CSR. Hence, it can be deduced that cross-culturally the favourable shift towards CSR is on the rise. As the example above clear exhibits, even with geographical and cultural differences in place, corporate social responsibility is picking up momentum among the business community on a global scale. Thus, it is reasonably justified to deduce that the discernment of the social responsibility of corporate entities is shifting in India as well.

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