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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Contribution of the Micro, Small and Medium Enterprises in the Indian economy

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What are MSMEs?

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Micro Small and medium enterprises (MSMEs) are organizations that look after revenue, resources, or various workers under a specific limit. Every nation has its own meaning of what establishes a micro small and medium enterprise (MSME). Certain size standards should be met and every so often the business in which the organization works is considered also.  In spite of the fact that little in size, micro small and medium enterprises (MSMEs) has a significant part in the economy. They outnumber huge firms impressively, utilize immense number of individuals for employment, and are usually entrepreneurial in nature, assisting with forming innovation.
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Conclusion

The setup and prosperity of Micro Small and Medium Enterprises is a resourceful intake leading to the rapid development of economic and social potentials. CSR activities can help to a great degree in improving the survival rate of MSMEs and may offer more chances for business competitiveness, nationally and globally. MSMEs are the steroids that the Indian Economy requires at this juncture and Most of the SMEs being anchored in towns and villages or in remote areas they have significant adaptability to the local environments, exposure to local issues, and also access to local resources, Thus, they are eminently suited to do CSR activities.
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