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  • Essay / Importance of Corporate Social Responsibility - 1825

    Milton Friedman once said, “The business of business is business.” If the great man is to rethink his ideology in the current context, he may need to rephrase the above statement, and it will most likely be: “The business of business is not just business.” In modern times, building a great company and building a better world are not contradictory goals: they are both essential ingredients for the long-term success of the organization in particular and society in general. Corporate social responsibility or CSR is no longer a luxury for businesses. world, it is a necessity that they must adopt for their own future and that of society in the long term. The term “corporate social responsibility” was coined in the 1960s and since then has gradually gained such popularity and importance that we now have federal laws to govern it in countries. like India. Proponents of this theory believe that businesses achieve longer-term profits by operating with perspective, while its critics argue that CSR distracts businesses from their economic role. CSR is associated with various approaches, such as the Canadian (Montreal CSR school), the continental European. & Anglo-Saxon approaches. For a Chinese, a CSR-focused company makes high quality, safe products, for a German it provides secure employment while in South Africa it should focus on contributing to social needs such as child care. health and education. The most fundamental and common approach to CSR is corporate philanthropy. It includes monetary donations and donations made to various non-profit organizations and communities. Another approach that is quickly gaining popularity is to integrate CSR strategy directly into an organization's business strategy. Another approach generates.. .... middle of paper ...... connected to the Internet via a VSAT connection or telephone lines. On average, 600 farmers from ten surrounding villages located within a 5 km radius are served by each kiosk. The operator of this kiosk is entitled to the service for all transactions carried out through his e choupal, even if he has to beat the cost of operation. Farmers have seen their income levels increase significantly since the introduction of e-Choupal services, mainly due to increased yields, improved quality and quantity of production and perhaps most importantly the reduction of transaction costs. This initiative has been useful to both small and large farmers. Today, there are around 20,000 choupals in operation, serving 15 million farmers across the country, providing services to over 100,000 villages.