CSR Activities and Its Impact on Socioeconomic Upliftment: an Integrated Literature Review | Original Article

ABSTRACT:

Earning more and more profits is a natural phenomenon of every business unit. The first and foremost goal of any business enterprise is to maximize the returns with minimal investment. Parallel to it the enterprises have social obligations to fulfill as they draw maximum resources from the society itself. CSR has become one of the catchphrases of new millennium across the world and the corporate as well as government must take care of it. Today, Government has also come as an initiative to control those business activities which makes a harmful effect on the society. The government suggested time to time to the business units that the corporate should enact a framework related to CSR i.e. its areas, investment, activities etc. and include them in the vision, mission and strategic planning. The present study is a critical analysis of various research papers publsihed on the studies related to CSR activities and its various impacts on society. The nature of data used for this is purely from library research. The study has shown that over the last years an increasing number of companies worldwide started promoting their business through CSR strategies because the customers, the public and the investors expect them to act sustainable and responsible. The government also suggests to the business units that the corporate should enact a framework related to CSR and include them in their vision, mission and strategic planning. CSR initiatives, if being implemented by all the corporations for rural development will have a positive impact in overall development of the society and their business.