In recent times Corporate Social Responsibility (CSR) has assumed a lot of importance not only among the corporates but also among the policy-makers because of the accruing long-term benefits. It is but natural that corporates are responsible to the society for their activities and owe to the environment in which they operate. A company should take a balanced view of the components of corporate social responsibility and implement the strategies in accordance with the vision, mission and values of the company. Whether the companies operating in developing countries behave socially is a serious concern. Developing countries are closely scrutinizing the activities of the companies. Even international organizations such as the United Nations (UN) are increasingly trying to develop CSR strategies that encourage both good governance and responsible investment in the developing nations to provide a better quality of life for their citizens.

The European Union defines Corporate Social Responsibility (CSR) as "a concept that an enterprise is accountable for its impact on all relevant stakeholders. It is the continuing commitment by business to behave fairly and responsibly and contribute to economic development while improving the quality of life of the workforce and their families as well as the local community and the society at large." In broader terms, CSR means a collection of policies, programs and practices adopted, followed and recognized by a company that is based on certain values, including respect for people, communities (in which the company operates) and the environment.

Corporate plays a vital role in shaping the quality of life of the society as a whole in today's globalized economy. According to Nobel Laureate Amartya Sen, "Market forces alone are not sufficient for equitable distribution, and some sort of intervention is required, be it political or from business houses, towards society." CSR covers various issues, like human rights, working conditions, equality and diversity, consumer protection, environment and health impacts, economic development, ethical business practices and lobbying and political influence.

Companies funded education and other social welfare activities even during the pre-independence era in India as a part of business and corporate philanthropy. During the freedom struggle, Indian companies supported Mahatma Gandhi's cause for development of the nation; thus many of them were involved in providing education, health services, and even clean water. Even Sardar Vallabhbhai Patel persuaded industrialists to build educational campuses in order to cater to the needs of engineering candidates. But philanthropy is different from CSR.

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