CORPORATE SOCIAL RESPONSIBILITY IN FMCG INDUSTRY IN INDIA

Abstract

Corporate Social Responsibility (CSR) is an important aspect of business operations in today’s global economy. CSR is a business model through which companies put in efforts to have a strongly positive impact on their stakeholders such as customers, employees, suppliers, even the government and many other parties which are affected by the decisions of the company and those whose decisions affect the operations of the company. CSR is that tool which allows the companies to practice a corporate identity that satisfies the needs of the society involving economic, social, and environmental needs. If we break the term corporate social responsibility into three parts we can infer in simple terms its meaning. Corporate referring to the organizations, companies, social referring to the people, and responsibility which is something the company is ought to do. Thus, corporate social responsibility in simple terms means those activities which a company is ought to do towards the society in order to have a positive impact on the environment (political, legal, social, economic, and technological). The Fast-Moving Consumer Goods (FMCG) industry is one of the largest and most important industries in India, with a significant impact on the economy and society. This research paper aims to examine the CSR practices of FMCG companies in India and their impact on society and the environment. FMCG products are those that are sold quickly at relatively low prices and are consumed on a daily or regular basis. Examples of FMCG products include packaged food, personal care products, household cleaning products, and beverages. The industry has experienced rapid growth over the past few decades, driven by factors such as rising incomes, urbanization, and changing consumer preferences. CSR refers to the voluntary actions that companies take to address social, environmental, and economic issues in their operations and in the communities where they operate. The concept of CSR is gaining importance in India, with companies increasingly recognizing the need to contribute to society and the environment beyond their core business activities. The paper talks about the CSR practices in the FMCG industry in India that have a positive impact on society and the environment, and are viewed as important by stakeholders.