Concept of CSR

India is the first country which made corporate social responsibility mandatory. CSR can positively benefit MSMEs but let’s talk about the  concept of CSR.

Corporate social responsibility (CSR) implies strategies that companies put into action as part of corporate governance that is intended to guarantee the company’s operations are ethical and beneficial for society. It is a term used to define a company’s endeavors to develop the society in some way. 

Although CSR is a very wide concept that is perceived and carried out differently by each firm, the basic idea of CSR is to function in an economically, socially, and environmentally sustainable manner.

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