Corporate Social Responsibility (CSR) is a management concept where by the companies integrates social and environmental concerns in their business needs, operations and interactions with their stakeholders. Corporate social responsibility is important to both consumers and company’s .CSR is generally understood as being the way through which a company achieves a balance of economic, environmental and social imperatives, while at the same time it also helps in addressing the expectations of shareholders and stakeholders. A properly implemented CSR concept can bring along a various variety of competitive advantages, such as enhanced access to capital and markets, increased sales and profits, operational cost savings, improved productivity and quality, efficient human resource base, improved brand image and reputation, enhanced customer loyalty, better decision making and risk management processes. In this sense it is important to draw a distinction between CSR, which can be a strategic business management concept, and charity, sponsorships or philanthropy. Often, companies that adopt CSR programs have grown their business to the point where they can give back to society Even though the latter can also make a valuable contribution to poverty reduction, will directly enhance the reputation of a company and strengthen its brand, the concept of CSR clearly goes beyond that. It refers to practices and policies undertaken by corporations that are intended to have a positive influence on the world. CSR is generally understood as a strategic initiative that contributes to a brand's reputation. CSR is titled to aid an organization's mission as well as serve as a guide to what the company represents for its consumers. Business ethics is the part of applied ethics that examines ethical principles, moral and ethical problems that can arise in a business environment. Organizations in India have been quite sensible in adopting CSR initiatives and integrating them into their business processes. It has become progressively projected in the Indian corporate setting because the organizations have recognized that besides growing their businesses, it is also important to shape responsible, valuable and supportable relationships with the community at large.
Financial and Organizational Aspects of the Recovery of Hydrocarbon Resource Base in the Regional Context
