Project Report

ON

NEW TRENDS IN CSR AND ITS ADVANTAGE TOWARDS SOCIETY Institute of Management Studies

Submitted to:
Mr.Sanjeev Bakshi

Submitted by:
Harsh Vijay Roll no.-03 MBA 1st sem.

INDEX
EXECUTIVE SUMMARY

INTRODUCTION

ACKNOWLEDGEMENT

CSR MEANING

NEW TRENDS IN CSR

CONCLAVE ON CSR IN RANCHI

ADVANTAGES OF CSR

Conclusion

Bibliography

EXECUTIVE SUMMARY
This report is based on corporate social responsibility. This project report contains the meaning of CSR which includes the advantage of CSR towards company, society, responsibility of corporate houses, objective of CSR, motive of CSR, responsibility towards customer. This document is all about multidimensional growth of society for which the company liable for their product selling. This process leads to upliftment of people in the plant area or working area of the company. The companies are not bind to do so but the do these kind of activities for creating a goodwill sense among their customer which leads to growth in lifestyle of the overall society. This gives better environment to the society in which the company is working.

Introduction
Corporate social responsibility (CSR, also called corporate conscience, corporate citizenship, social performance, or sustainable responsible business/ Responsible Business)[1] is a form of corporate self-regulation integrated into a business model. CSR policy functions as a built-in, self-regulating mechanism whereby a business monitors and ensures its active compliance with the spirit of the law, ethical standards, and international norms. CSR is a process with the aim to embrace responsibility for the company's actions and encourage a positive impact through its activities on the environment, consumers, employees, communities, stakeholders and all other members of the public sphere who may also be considered as stakeholders. The term "corporate social responsibility" came into common use in the late 1960s and early 1970s after many multinational corporations formed the term stakeholder, meaning those on whom an organization's activities have an impact. It was used to describe corporate owners beyond shareholders as a result of an influential book by R. Edward Freeman, Strategic management: a stakeholder approach in 1984.[2] Proponents argue that corporations make more long term profits by operating with a perspective, while critics argue that CSR distracts from the economic role of businesses. Others argue CSR is merely window-dressing, or an attempt to pre-empt the role of governments as a watchdog over powerful multinational corporations. CSR is titled to aid an organization's mission as well as a guide to what the company stands for and will uphold to its consumers. Development business ethics is one of the forms of applied ethics that examines ethical principles and moral or ethical problems that can arise in a business environment. ISO 26000 is the recognized international standard for CSR.

Acknowledgement
With deep sense of gratitude, I wish to express our appreciation to
'INSTITUTE OF MANAGEMENT STUDIES' and also our project instructor Mr. SANJEEV BAKSHI. Although hardly suffice, I am deeply indebted for them

for providing such a wonderful opportunity to research on such a prestigious project. I have no words to express my appreciation for all the research hints and other necessaries provided by them without with this project would hardly be possible. I wish to express my gratitude and indebtness to Dr. S.N.L. DAS, our director, for his encouragement, valuable suggestion, helpful

comments and constructive criticism made by him while finalizing this report. I also thank our faculty members for providing much needed support and encouragement at various stages and also our classmates for cooperating with me.

Meaning of Corporate Social Responsibility

Corporate social responsibility as the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the work force ,their families and the local community and society at large. CSR is about capacity building for sustainable livelihoods. It respects cultural differences and finds the business opportunities in building the skills of employees, the community and the government" "Operating a business in a manner that meets or exceeds the ethical, legal, commercial and public expectations that society has of business? "A concept whereby companies decide voluntarily to contribute to a better society and a cleaner environment. A concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis".

Corporate Social Responsibility (CSR), also known as corporate responsibility, corporate citizenship, responsible business, sustainable responsible business (SRB), or corporate social performance,[1] is a form of corporate self-regulation integrated into a

business model. Ideally, CSR policy would function as a built-in, selfregulating mechanism whereby business would monitor and ensure their adherence to law, ethical standards, and international norms. Business would embrace responsibility for the impact of their activities on the environment, consumers, employees, communities, stakeholders and all other members of the public sphere. Furthermore, business would proactively promote the public interest by encouraging community growth and development, and voluntarily eliminating practices that harm the public sphere, regardless of legality. Essentially, CSR is the deliberate inclusion of public interest into corporate decision-making, and the honoring of a triple bottom line: People, Planet, Profit. Carrolls Four Part Definition Understanding the Four Components Responsibility Societal Examples Expectation Economic Required Be profitable. Maximize sales, minimize costs, etc. Obey laws and regulations. Do what is right, fair and just. Be a good corporate citizen.

Legal Ethical

Required Expected

Discretionary Desired/ (Philanthropic) Expected

CSR in Equation Form Is the Sum of: Economic Responsibilities (Make a profit) Legal Responsibilities (Obey the law) Ethical Responsibilities (Be ethical) Philanthropic Responsibilities (Good corporate citizen)

Economic Responsibilities

Economic Responsibilities refers to the fundamental responsibility of business to produce goods and services that society wants, and which it sells at a profit. As a listed company Outokumpu is committed to making a profit for the benefit of its shareholders. The company delivers on this commitment by developing and maintaining competitive and profitable operations based on ethical business practices. Legal Responsibilities Legal Responsibilities refers to obligation of business to fulfill its economic mission within the confines of the law. Ethical Responsibilities This refers to the ethical responsibilities of companies that go beyond legal compliance. Philanthropic Responsibilities This refers to voluntary responsibilities such as philanthropy, which a company can assume even if there are no clear cut societal expectations.

Business Century

Responsibilities

in

the

21st

CSR in Equation Form Is the Sum of: Economic Responsibilities (Make a profit) Legal Responsibilities (Obey the law) Ethical Responsibilities (Be ethical) Philanthropic Responsibilities (Good corporate citizen)

Economic Responsibilities
Economic Responsibilities refers to the fundamental responsibility of business to produce goods and services that society wants, and which it sells at a profit. As a listed company Outokumpu is committed to making a profit for the benefit of its shareholders. The company delivers on this commitment by developing and maintaining competitive and profitable operations based on ethical business practices.

Legal Responsibilities
Legal Responsibilities refers to obligation of business to fulfill its economic mission within the confines of the law. Ethical Responsibilities This refers to the ethical responsibilities of companies that go beyond legal compliance. Philanthropic Responsibilities

This refers to voluntary responsibilities such as philanthropy, which a company can assume even if there are no clear cut societal expectations. Business Responsibilities in the 21st Century Demonstrate a commitment to societys values and contribute to societys social, environmental, and economic goals through action. Insulate society from the negative impacts of company operations, products and services. Share benefits of company activities with key stakeholders as well as with shareholders. Demonstrate that the company can make more money by doing the right thing. As 2009 wound down, financial meltdown and economic recession became amongst the most frequently used words in business journals and business meetings. A businessman in Kolkata said he had attended no less than 10 seminars on these subjects in December!

At the same time, other words which had been banished from the US (though not in Kolkata) began to reappear in that country. They were socialism and even, God forbid, Karl Marx! In fact, booksellers in the US reported renewed demand for Das Kapital, Marxs critique of capitalism.

In India, the US and elsewhere, business leaders who until 2009 had tried to get government out of business are now urging governments to vigorously save businesses. They want governments to intervene in the markets but, at the same time to keep markets free.

This raises questions in the common mans mind about what these beneficiaries of free markets want markets to be free from. Freedom only from barriers to trade? Or also freedom from government regulations? Or even freedom from responsibility for their own actions? Meanwhile, US voters going into the elections in November were no longer prepared to grant business all these freedoms because trust in business institutions and their leaders had broken down.

Like Arjun on the battlefield at Kurukshetra who asked Krishna a moral question, not advice on how to fight the battle, business leaders fighting the recession must also ask what they must change in their approach to business to regain societys trust if they want freedoms in future. To begin with, they must dump the notion that radical capitalists in the US and UK have propagated, that the business of business must be only business.

In that view, the only responsibility of business leaders is to maximise returns to investors without doing anything illegal, of course, or at least not being punished for it. In fact, five years ago, The Economist declared that CSR (corporate social responsibility)

was the most dangerous fad in management circles then. In this view, benefits of profitable businesses automatically trickle down and business leaders should not be distracted by trying to address these societal side-effects.

Now CSR is back in fashion. It can be a dangerous fad, though not for the reasons The Economist feared. It is dangerous because it can lull business leaders into believing that CSR is the way to discharge their responsibilities to society.

CSR is expenditure of some portion of a companys profits on social causes. And philanthropy, its close cousin, is funded from accumulations into trusts of profits from business. CSR is an inadequate concept because it is limited to what companies do with a portion of the profits they make.

Objectives To study the reasons why companies engage themselves in social issues. To find out whether the companies which are more socially responsible are able to create positive brand image in the minds of consumers. To find out which companies can be considered more socially responsible in the Indian context.

 To have an overview about which countries are more socially responsible than others in the global perspective. Motives Improve long-term corporate profitability Distract the public from ethical questions posed by their core operations Commercial benefit by raising their reputation with the public or with government To be committed to Sustainable Development whilst simultaneously engaging in harmful business practices

CSR initiatives of Some Indian Companies Name the company Of CSR CSR Principle Help build model villages that can stand on their own feet. Belief in green environment 3/5 Rating Initiatives

Aditya Birla Group

Healthcare, education, rural development Environment and

Godrej

3/5

Industries

leads to enhancement of productivity and quality To help enrich the quality of life of the community and preserve ecological balance and heritage through a strong environment conscience. Social welfare initiatives both through 3/5 2/5

agriculture, infrastructure

Community development programmes, medical services, education, art and culture, social objective schemes Child welfare, Aids awareness, Women

Indian Oil Corporation

HLL

charity and social investment

Upliftment, rural development, disaster relief activities, environment

Responsibility towards Different Groups Responsibility to Customer Responsibility to Investors Responsibility to Employees Responsibility to Society Responsibility to Government Responsibility to Customer KBC group sets great store by customer-friendliness. It attaches a good deal of importance to expertise and professionalism, and aims to provide the best solutions for its customers. However, the group also strives to be a responsible bancasurer through, for example, paying a

good deal of attention to the privacy of its customers and providing information that is as clear and accurate as possible. Responsibility to Investors According to Michael Harpster, a 30-year veteran of film finance and distribution, the producer has two responsibilities to his investors. The first one is to get the film made and the second is to make money for the people who helped get it made period. According to Mr. Harpster, Many films can be made with a relatively small amount of capital if leveraged properly but a lot of attention must be paid to making money for the participants and that always involves distribution. Responsibility to Employees Social responsibility in a company primarily means responsibility for employees. They are our most important resource and crucial to the company's success. Comprehensive programs on personnel development and equal opportunities, profit-sharing and pensions encourage qualified, contented employees. Responsibility to Society The mantle of service, earlier the prerogative of few, has been extended to a larger part of society, the business community. There has been a call for corporate entities to put in resources and services for the betterment of society. Service to the community through the establishment of facilities, infrastructure and uplift plans for those in need is also an agenda with the corporate of the 21st century. In the course of doing business, corporations are also taking keen interest in implementing their social responsibility. Whether at international,

national, regional or local levels their activities and operations are carried out keeping their social responsibility objectives in mind.

Responsibility to Government Governments all over the world must enact laws to safeguard the interest of consumers and to protect the environment from greedy and unethical corporations. These laws must be tough and strict and more importantly lay down tough measures for violations and prosecution. Consumers as well as the environment must be protected; however, this must be built into the social responsibility role of organizations. The purpose of this paper is to evaluate and analyze how Corporate Social Responsibility (CSR) policies assist consumers and or organizations in the global markets; and more importantly to evaluate whether government regulatory polices differ throughout the world.

Evolution of CSR in India

JRD Tata was instrumental in conducting the first social audit in India. Since its inception, the Tata and Steel Company has been a shining example of social responsibility.

History of Tata Motors Started in 1945 in Mumbai, India. Original production was on locomotives. 1954

 First car rolled off of the assembly line. Tatas are a family The family founded: Ironworks Steelworks cotton mills hydroelectric-power plants Are of their endeavors have been proved to be crucial to India's industrial development. of Indian industrialists and philanthropists. Tata Motors is Indias owns the largest independent company in India. Mercedes and Tata teamed up to create a truck line. First major business deal with another firm. Together both companies started their commercial vehicle operations in 1960. in 1986 the company created and sold the first LCV LCV = light commercial vehicle Was the Tata 407 Tata Motors decided to pursue joint ventures. Cummins Engine Co., Inc., was the first company to jointly venture with Tata in 1993. Manufactured a diesel engine that had high horsepower and emitted less harmful chemicals. Began creating new lines in the late 1990s and earlier : Compressed natural gas buses y 2000s 1109 vehicle, used for commercial purposes. Ex-series Newly designed LCV called the 207 DI TATA GROUP 100 companies throughout 7 business sectors

 Engineering, materials, energy, chemicals, services, consumer products, information systems and communications Tata AutoComp Systems - Automotive Tata Steel - Materials Tata Power - Energy Rallis India - Chemicals Tata Realty and Infrastructure - Service Tata Tea - Consumer Products Tata Technologies - Information Systems and Communications Corporate Social Responsibility of TATA A Company that cares about the future Committed to corporate social responsibility Signed the United Nations Global Compact Plays role in community development Environmentally-friendly products and technology Two main concerns: Reduction of pollution Restoration of ecological balance Implemented soil and water conservation programs Cleaner Engines Advanced emission-testing labs Developing alternate fuel engines Sewage treatment facilities Encourages tree planting

Community Development:

The Company's Community Service Division works through various societies to improve the conditions of neighboring villages encouraging economic independence through self-initiated cottage industries and contributing to community and social forestry, road construction, rural health, education, water supply and family planning. Tata Motors has been making numerous well-planned efforts in the area of rural development, with specific focus on the following: Health & Sanitation: Mobile health service staff provides preventive and curative health services under the "Health for All" programmers. They train village health workers in conducting the same. Safe drinking water facilities are provided to ensure health of the villagers. Employment Generation: Tata Motors encourages self-sufficiency with the aim to improving the confidence, morale and lives of its employees and their dependents. The Company has worked on some novel ideas around its townships. Employees' relatives at Pune have been encouraged to form various industrial co-operatives engaged in activities such as re-cycling of scrap wood into crates and furniture, welding, steel scrap baling, battery cable assembly etc. The Tata Motors Grihini Social Welfare Society caters to employees' women dependents'. The women folk make a variety of products, ranging from pickles and uniforms to electrical cable harnesses etc. Community Centers:

These centres are situated in various parts of Jamshedpur, Pune and some of their neighbouring towns. The centres regularly organise various programmes & neighbouring populations are encouraged to participate in these activities.

Photo: Mr. Deepak M Deshpande, AGM, Corporate HR inaugurating the bus donated to ADHAR, an Association of Parents of Mentally Differently Abled Children There is a strong business sense in investing in CSR, in so far as corporations benefit in multiple ways by operating with a perspective broader than their own immediate business results. These benefits can range from brand differentiation, boost to recruitment and retention, risk management and license to operate to more individual goals of personal satisfaction.

Tata Motors CSR is carried on by CSR teams at all the manufacturing units. A structured process has facilitated co-ordination among team members, continuous experience sharing across locations, monitoring and evaluation of all CSR programs and periodic reporting, giving CSR activities at Tata Motors a Companywide synergy. New trends in CSR Here are the biggest developments to watch for this year in the ever growing and changing world of corporate social responsibility. 1. Going Global: The relentless march toward globalization will continue to stretch the scope of corporate responsibility. For instance, the new conflict minerals requirement in the Dodd-Frank Financial Reform Act breaks new ground for the scope of corporate responsibility, by requiring many types of businesses to track four minerals back to their sources to ensure they dont fuel conflict in the minefields of Central Africa. As this and similar requirements arise, the trend is clear: Corporate social responsibility leaders will be increasingly accountable for responsible behavior all along their supply chains. 2. The Triumph (or Tyranny) of Transparency: The pressure for ever increasing levels of transparency and disclosure will build in 2012. Last year, according to CorporateRegister.com, more than 5,500 companies around the world issued sustainability reports, up from about 800 a decade ago. Also, the Rate the Raters report from SustainAbility.com found that more than 100 sets of ratings measure which companies are the most responsible. All the big four accounting firms are expanding their practices to audit all of these disclosures and are also sponsoring the expanded fourth edition of the Global Reporting Initiative Guidelines, which outline standard CSR disclosures. In 2012 a promising new initiative, the Global Initiative for Sustainability Ratings, will

endeavor to standardize the ratings framework, but beyond that there is little relief in sight for the survey-fatigued CSR manager. 3. Employee Engagement Emerges: The connection between CSR and engaged employees continues to grow. A Hewitt & Associates study looked at 230 workplaces with more than 100,000 employees and found that the more a company actively pursues worthy environmental and social efforts, the more engaged its employees are. The Society for Human Resources Management compared companies that have strong sustainability programs with companies that have poor ones and found that in the former morale was 55% better, business process were 43% more efficient, public image was 43% stronger, and employee loyalty was 38% better. Add to all that the fact that companies with highly engaged employees have three times the operating margin (Towers and Watson) and four times the earnings per share (Gallup)of companies with low engagement, and youve got a compelling business case for this trend to continue into 2012 and beyond. 4. Political Pitfalls: The elections will dominate the public conversation in the U.S. in 2012, and corporations will be alternately described as greedy, polluting, untrustworthy political puppet masters and jobcreating paragons of virtuewith little room in the middle. Beyond the rhetoric, candidates wont be able to resist highlighting company success stories featuring economic, environmental and social benefits. CSR leaders should choose what they promote wisely and set clear boundaries to avoid becoming political footballs. 5. Collaboration: As CSR becomes more of a differentiator, companies will both compete and collaborate on CSR issues. I devised the term collaboration in a 2011 speech to describe how companies both compete and collaborate on CSR at the same time. The numerous CSR ratings, together with data from the Reputation Institutes 2011 Pulse Survey, which indicate that CSR is responsible for more than 40% of a companys reputation, lay the basis for CSR competition. On the other hand, there are a plethora of associations and multi stakeholder

networks that foster collaboration on CSR topics. Groups like the Electronics Industry Citizenship Coalition demonstrate how competitors can partner on CSR issues like conflict minerals. Why would they? Such issues are so massive that working together is clearly more efficient. On the other end of the spectrum are initiatives like GEs ecomagination program, which furthers competitive advantage. Collaboration means that companies can and will collaborate on CSR efforts when that is more efficient, while continuing to compete on their signature CSR programs. 6. Sustainability Shoppers: Consumers are increasingly tuned in to sustainability when making their buying decisions. Green labels have been around for a long time, but Wal-Marts sustainability index is taking it up a notch. Already driving WMT suppliers to improve performance, in the future the index could appear on a point-of-sale label for products. Expect green marketing in 2012 to up the ante based on the successes of campaigns like Timberlands Earth keepers line (Nature Needs Heroes). Perhaps the high water mark for ecominded advertising was Patagonias brilliant Dont Buy This Jacket messaging. Its Common Threads Initiative asks customers to pledge to only buy what they need and instead repair, reuse, and recycle their clothing. Nothing inspires confidence in your eco-values more than telling customers not to buy your products. Independent certification schemes like the Good Guide will continue to proliferate, as will cause marketing, for the simple reason that it works. Cone Communications reports in its 2010 Cause Evolution Study that even as cause marketing continues to grow, consumers are eager for more. In fact, 83 percent of Americans want MORE of the products, services and retailers they use to support causes. 7. Occupy From the Inside: Price Waterhouse Coopers has found that 88% of millennial, or echo boomers, choose employers based on strong CSR values, and 86% would consider leaving if the companies CSR values no longer met their expectations. As a new generation goes to work in corporate America, it is bringing strong social justice values

with it. At the same time, companies are under increasing pressure to go green. So despite the popular view that corporations are in a race to the bottom, 2012 will see more jobs created for CSR professionals who want to change business from the inside out. Companies of all kinds are looking for people to help improve their environmental, social, and ethical performance throughout their value chains. There are recruiters like Ellen Weinreb and Martha Montag Brownwho specialize in CSR jobs, and the big recruiters have caught on too. 8. Social Media Rules: I will admit that I originally got a Facebook account just to annoy my children. Now Facebook and Twitter are essential communications tools for any serious CSR program. Social media is not a replacement for hefty annual CSR reports, but those reports are increasingly static reference documents, used mainly for looking up facts and grading performance. Social media opens a way for stakeholders to interact directly with a companys CSR program. Through social media, companies gain a following of people who are interested in their CSR performance and can keep tabs on stakeholder sentiment on any emerging issue. These tools are still very new, and no company has perfected their use, but it is clear that social media is a game you cannot afford sit out. 9. Human Rights: Since the 2008 publication of the Ruggie Report on human rights and transnational corporations, companies have been waking up to human rights issues across their value chains. For example, the major Internet search companies are embroiled in basic human rights questions ranging from the protection of free speech during the Arab Spring to being compelled to identify dissidents in repressive regimes. In a time of globalization, hyper-transparency, and increasing expectations among informed stakeholders, the risk in even tacit complicity in human rights violations is growing. Wise companies will take a hard look at their human rights policies and practices in 2012 and act to mitigate any liabilities.

10. Earth at Seven Billion and Growing: In 2011 the worlds population topped seven billion people. Even at seven billion we have averted a Malthusian catastropheso far. But as more people compete for the Earths resources, the need to be more efficient will continue to increase. Everything from energy efficient semiconductors to electric cars to water conserving plants will find new markets in 2012 and beyond.

Conclave on CSR in Ranchi on 29 October 25, 2012

The conclave would discuss the role of CSR in bringing sustainable economic development. This program would also highlight the extraordinary contributions of the corporates in the area of CSR. Also there are many major industrial houses operating in the state of Jharkhand, and contributing a lot for the socio-economic development of the region. he added. He said that Prabhat Khabar at present, is the number one Hindi Daily in Jharkhand (Source ABC,JJ 2012),fast growing in Bihar and a prominent Hindi daily of West Bengal. The objective of the paper was to bring a change in the society & development of the state. The editorial team firmly believed in need of putting stories of health, education, corruption and other content affecting the life of a common man on top of the news agenda in contrast to the so called Page 3 or lifestyle journalism. Prabhat Khabar, the peoples voice for the past 27 years has only got stronger and even more powerful. it has now become a symbol of truth and courage in Journalism, a fire burning in the hearts and minds of the people. With a readership base of 85.57 Lacs ( Total Readership, IRS 2012 Q2), Its Presence today spans across 3 states in Eastern part of India (Jharkhand, Bihar & West Bengal). Today CSR has emerged as a significant theme in the global business community and is gradually becoming a mainstream activity. These trends have contributed to the pressure on companies to operate in an economically, socially and environmentally sustainable way. A wellmanaged CSR creates social and environmental value, while supporting companys business objectives and enhancing relationships with key stakeholders and customers.

CSR helps to assist socially and economically weaker sections of the society to overcome hardship and also creates assets for the development of rural/urban society and to enhance increased commitment at all levels in the organization towards reinforcing the social and environmental conscience of the company. It also assures stakeholders that the company is sensitized toward enhancing the quality of life & economic well-being of the society. The Proposed List of Participating Companies/Organizations in Jharkhand CSR Conclave ranges from IIM Ranchi, Tata Steel, Jindal Steel, Govt. of Jharkhand, Unicef, Jharkraft, CCL, Kashyap Eye Hospital, Bokaro Steel Plant, KGVK, BCCL, SBI, Apollo Hospital, Essar Power, LIC, Usha Martin Group, Adhunik Power, Maharishi Nikhilesh Sewa Sansthan, Akash Institute, IL & FS Education & Tecnology Service Limited, Bank Of India & many more. CEOs Bureaucrats, Govt. Officials, Senior Managers from around the region & outside will be there to learn, Network & share their Experiences. The Chief Minister of Jharkhand, Mr. Arjun Munda has given his consent to be the chief guest in the inaugural ceremony of first ever Jharkhand CSR Conclave. This years CSR conclave will discuss the development goals for Jharkhand and elaborate on where we stand at this juncture. It will play host to different entities in the development sector like the Government, NGOs, Corporates to discuss the way forward and best case practices, to achieve the Developmental Goals in Jharkhand. It will also shed light on reasons for low performance and be a platform to learn and share with professionals and experts from different spheres in the development sector.

Advantages of CSR towards society

Though it might appear contradictory, but CSR actually lowers the cost to companies in the long run. If you have to pay lesser for basic amenities like power and water, chances are that your bottom-line will improve. Companies that exhibit CSR have a better reputation, which means that there is a positive image of the company in the public s eyes that converts into customer loyalty. Employees who view companies as ethical will be highly motivated to work for the company. Consumers want to support companies who are doing the right, legal and ethical thing. So, if you invest in CSR, its a step further for your companys image. Moreover, companies that possess CSR are more likely to sell their wares and services than those that are only profit oriented. Employees of companies that have a robust CSR program are more likely to be motivated. New recruits will also prefer to work for a company that has a CSR plan. A company with CSR has the overall growth of its employees in mind and takes active interest in the careers, safety and growth of its employees. Companies that have CSR will attract more and more investors, thereby increasing the business access to capital. Reputation is of utmost importance for investors who want to invest in any company. A better reputation means better public perception A company with CSR has an independent, fair, environmentally savvy, and impeccable reputation. Such a brand goes a long way in dealing with corruption and in case the company has to rebuild its reputation. So, if companies want to increase their bottom-line, the best way out is to invest in a CSR program. Though some of these factors may be intangible, the fact remains that all the above mentioned factors contribute to the well- being and financial stability of the company.

CONCLUSION Corporations must communicate their CSR initiatives to promote a positive image about the company in peoples mind. With increasing and widespread commitment of corporate resources to CSR, attention is now shifting to the strategic formulation, implementation, and measurement of the market returns to CSR initiatives. Emphasize the need for better measurement models of CSR that capture and estimate clearly the effects of a companys CSR actions on its stakeholders as well as the nations in which they are operating It is important for corporations to take stakeholder CSR priorities seriously, bearing in mind the triple bottom-line of People, Planet & Profit. This will not only help in the overall betterment of the country, but will also help corporations gain valuable mind space in the stakeholder community.

BIBLIOGRAPHY
http://economictimes.indiatimes.com https://www.kbc.com/ http://www.wacker.com http://knol.google.com/k/osman-masahudu-gunu/the-impact-ofgovernment-regulations-on/1kietb77pgwru/18# http://www.tatamotors.com