COMPARATIVE ANALYSIS OF CSR INITIATIVES IN PUBLIC VS PRIVATE SECTOR

Abstract

CSR is treated as a vehicle through which companies give something back to the society. The term ‘Corporate Social Responsibility’ is an age-old concept dating back “to the Mauryan history where great philosophers like Kautilya talked about ethical practices in conducting business”.iCSR is something which has existed in Indian historical as well as religious context in the form of charity endeavours. The concept of “sharing one’s earning with the deprived has been talked about elaborately in the old Indian scriptures.”ii The companies show their responsibilities on social, economic and vice versa. Further, as per the Companies Act 2013, a legal obligation has been placed on the companies to carry out CSR initiatives. In this paper an attempt will be made to study the various CSR initiatives approach taken by Public and Private Sector entities, especially with respect to Banks. Further what are the challenges that the entities face and what are the major difference when it comes to CSR initiatives between Public & Private sector? Further, the paper will also attempt to study the existing legal regulations with respect to CSR in India and how far the same is efficient enough and what can be done to improve the CSR responsibilities by maintain a balance between the economic goals and social responsibilities.