Companies conduct impact assessments and course corrections to determine the best manner of implementing social projects under corporate social responsibility. In 2014, India became the first country in the world to mandate Corporate Social Responsibility (CSR) rules for its companies, both public and private. According to him, there is only one social responsibility for any business—to maximize profits for its owners, but doing so ethically. The current CSR rules mandate the constitution of a CSR committee, which would oversee the CSR commitment of the company. Ltd, the new CSR rules will eventually have 22,000 companies spending a total of about $3 billion every year in CSR-related activities.

Source: Mint September 26, 2016 10:52 UTC