What is the full form of CSR?

The full form of CSR is Corporate Social Responsibility. It is defined as a business framework that enables a company to be accountable to the public toward its public & stakeholders and makes the company aware of its impact on numerous facets of society, such as social, economic, and environmental facets.

CSR aims to integrate economically beneficial services and activities into an organisation’s business strategy and culture. It unambiguously means that community-based businesses must promote social, economic, and environmental progress that benefits society. The government closely monitors the CSR component of businesses since it necessitates the involvement of the private sector to benefit the weaker segment of society and safeguard the environment.

CSR gives companies the power to manage their commercial operations while having an overall beneficial impact on society. It states that a company must also fulfil its social responsibilities in addition to conducting business.

• Financial contributions to several nonprofit groups
• Assisting people affected by natural catastrophes, including hurricanes, earthquakes, and drought
• Promotion of talent in sports, business, and cultural events.
• Take action to reduce water and air pollution, among other things.
• A CSR committee that approves the board’s CSR planning and policy practices is expected to be established by corporations.
• These duties ought to be in line with the undertakings mentioned in Schedule VII.
• The statute also includes sanctions for businesses that do not adhere to CSR standards.