It is obvious that a business organization has to grow and generate profits. At the same time it is also mandatory to see that the society and the environment, in which the business operates, are nurtured.

The wind of transformation of the global economy has tran-scended geographical barriers of countries and has converted the world into a global village. Transnational business policies and ethics have slowly percolated into various countries of the world, leading to standardization of uniform business practices. Investment patterns, management techniques, accounting standards and ethical business practices are no longer a matter of private domain. Rather these are taken up as case studies, debated and then accepted worldwide in industries across the globe. Stress on corporate governance and related transparency in the industry is not only a matter of legislation but also an output of the pressure of transnational investment and investors. With more and more sectors of the economy opening up for global investments and international companies vying with each other for investments in countries across the globe, universally accepted business practices assume a greater degree of importance.

In the backdrop of the above situation, the concept of Corporate Social Responsibility (CSR) has a large target audience and is no more confined to the precincts of only globally acclaimed corporations or Fortune companies. "Corporate Social Responsibility" as the name suggests is the social responsibility on the part of the corporations. The term CSR has been widely used, overused and is still a debatable topic and various schools of thoughts and organizations have tried defining the concept of CSR. The World Business Council on Sustainable Development has defined CSR as the "Commitment of business to contribute to sustainable economic development, working with employees, their families, the local community and society at large to improve their quality of life. Similarly, Business for Social Responsibility, USA, tries to equate Corporate Responsibility (CR) and CSR. It has defined CSR as "operating a business in a manner that meets or exceeds the ethical, legal, commercial and public expectations that society has from business." The Canadian Center of Philanthropy goes a step forward to define CSR as "a set of management practices that ensure the company minimized the negative impacts of its operations on society while maximizing its positive impact".

Effective Executive Magazine, Corporate Social Responsibility, Indian Industry, Business Organization, Global Economy, Transnational Business Policies, Investment Patterns, Management Techniques, Accounting Standards, Corporate Governance, Market Dynamics, Sustainable Development, Business Organization, Research and Development, R&D.