What is social responsibility? Explain modern concept of social responsibility.
Answer:
Social responsibility refers to the duties and responsibilities of business enterprises towards the society and its members. It is the duty of an enterprise to conduct activities that are favourable to the society. As any business makes use of society’s resources in the form of human and physical capital, it is the moral duty and responsibility of the business to work for the betterment of the society. The concept of social responsibility exists in India since ancient era; but, today the traditional meaning of the term ‘social responsibility’ has evolved and grown into something more. Earlier social responsibility only constituted a philanthropic concept of helping the poor and society’s welfare. However, the modern concept of social responsibility includes various other aspects of social welfare such as dealing with ethical, legal and economic areas. It not only includes helping the weaker sections of the society but also to protect the environment, adhere to government laws, optimise the use of resources and undertake corporate social responsibilities.
