Social, Environmental and Economic Responsibilities of Business in India

Abstract

This paper focuses on business social responsibility as it is manifested by small businesses and businesses in small towns. The paper begins by explaining why small businesses and small towns are important for business social responsibility. Business involvement in social welfare and development has been a tradition in India and its evolution from individuals' charity or philanthropy to Business social responsibility, Corporate Citizenship and Responsible Business can be seen in the business sector over the years. When businesses are supported by appropriate Government policy regime that encourages systematic movement towards responsible thinking, decision-making, and a progressive movement towards sustainability, the trajectory of overall growth and development takes a positive turn. From around 600BC, the merchant was considered an asset to society and was treated with respect and civility as is recorded in the Mahabharata and the Arthashastra. Also, many of India's leading businessmen were influenced by Mahatma Gandhi and his theory of trusteeship of wealth contributed liberally to his programs for removal of untouchability, women's emancipation and rural reconstruction. The importance of businesses in improving the quality of life is well recognized. Business involvement in social welfare and development has been a tradition in India and its evolution from individuals' charity or philanthropy to Business social responsibility, Social, Environmental and Economical Responsibilities of Business will strengthen this Indian tradition and the Indian corporate sector will evolve into a global leader in responsible business.

Keywords: India, corporate sector, business social responsibility