Corporate Social Responsibility (CSR) and challenges of Globalisation in India.

The flow of information has enormously increased due to globalisation, which in turn have empowered the stakeholders and enhanced people’s expectation from the corporate houses. Hence Corporate Social Responsibility (CSR) has become more relevant today than ever before. On the other hand due to adverse impact of globalisation, society and environment have to pay a heavy price. Therefore, the corporate houses should realise their responsibility to address the social, environmental and political challenges of globalisation (Wood et al, 2006). Pluralistic society, multiparty-democratic polity and liberalised economy of India have been highly influenced by globalisation. Problems of pollution, carbon emission, energy crisis, inequality, displacement, conspicuous consumption, urbanisation and unemployment have been magnified due to globalisation in India. To meet the expectations of people and to face the challenges of globalisation government and corporate sector have to implement CSR policy in a more complimentary and mutually reinforcing manner (Utting, 2005). The dynamics of social change, influenced by globalisation has compelled the Multinational Corporations (MNCs) and government of India to incorporate CSR in their business strategy and legal framework. The real challenge is how to attain global competitiveness and economic growth without compromising the ecological balance. The way out is to achieve sustainable development through CSR. The major fields in which CSR can play a crucial role to address the challenges of globalisation in India are social, environmental, global governance and economic sectors.