CSR Full Form | Full Form of CSR
CSR Full Form - Corporate Social Responsibility
- CSR stands for Corporate Social Responsibility.
- It refers to a business model that creates a corporation socially accountable to its stakeholders and therefore the public and makes it aware of the impact they need on different aspects of society like economic, social and environmental.
Corporate Social Responsibility
- CSR requires companies to manage their business processes to provide an overall positive impact on society.
- It says that alongside doing business, a corporation should even be performing their social duties which will include :
- Monetary donations to varied non-profit organizations.
- Helping people during natural calamities like floods, earthquakes, and drought.
- Promoting talent within the field of sports, cultural activities, entrepreneurship.
- Take initiatives to reduce air pollutions, water pollutions, and more.
- So, we will say that CSR aims to integrate socially beneficial programs and practices into a corporation's business model and culture.
- It strictly suggests that it's the responsibility of the corporations operating within society to contribute towards economic, social and environmental development that makes a positive impact on society.
- The government keeps an in depth eye on CSR aspect of companies as it needs the involvement of the private sector to assist the weaker section of the society and to protect the environment.
- India is that the first country that mandated and quantified CSR expenditure through the businesses Act, 2013 legislation. This step was taken to interact the companies with the national development agenda. The small print on CSR is mentioned in section 135 of the businesses Act, 2013.
- This act came into force from 1 April 2014. It states that each company private or public limited with a net worth of Rs. 500 crores or a turnover of Rs. 1,000 crores or net income of Rs. 5 crore is required to spend at least 2% of its average net income for the last three financial years on CSR activities.
- The corporations are required to line up a CSR committee that makes CSR policy and plan activities approved by the board. These activities should be in accordance with the activities mentioned in Schedule VII of the act. The act also includes penal provisions for the firms that fail to abide by the norms of CSR.
- At present, within the last two years, after being mandated to take a position some of their profit toward community development, the Indian companies have invested on a large scale in various social activities like healthcare and sanitation, education and skill development, rural development, drinking water, projects to protect environment and more.
- For example, the company Affairs Minister Arun Jaitley on 1 March 2016 in his written reply to Rajya Sabha told that over 400 listed firms have claimed spending around 6000 crore in 2014-15 for CSR activities.
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Key Takeaways
- Corporate social responsibility is important to both consumers and corporations.
- Starbucks may be a leader in creating corporate social responsibility programs in many aspects of its business.
- Corporate responsibility programs are a great way to raise morale within the workplace.
CSR Full Form - Centre for Social Research
Centre for Social Research
- The Centre for Social Research, established in 1983, offer services to females (girls and women) in India.
- They specialise in restructuring the gender relation with the aim of making equitable society.