CORPORATE SOCIAL RESPONSIBILITY PRACTICES IN STEEL INDUSTRY a STUDY ON SELECTED COMPANIES OF ODISHA

Abstract

The business being an economic entity operates in the society, consuming its resources and offering outputs. This seems to be an equation where right hand side is not equal in terms of cost and benefits. Hence the corporate institutions must do something in addition to the output, to bring equilibrium in the equation. The industrial revolution and its focus on wealth creation, since it separated business from social concerns. Over time, along with the growth of socio-regulatory pressure, business gradually became more aware of its impact. Corporate Social Responsibility (CSR) encompasses the role of the business sector in protecting the natural environment as well as protecting basic human rights, labor standards, and other related welfare activities in its sphere of influence.The transition phase of economy demands higher responsibility on the part of the corporate world to survive in the newline