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Social Responsibility

Social responsibility means the obligation of business to act in manner which will serve the best interest of the society. Social obligation of a business is different from legal obligation is fulfilled by more compliance with the law. But social obligation relates to the voluntary efforts on the part of businessmen to contribute to the social well-being. It is based on the assumption that what is good for the society is also good for business.

Social responsibility refers to the concern for the welfare of the society. As a part of the society, a business is obliged to act within the objectives and values of the society. A business organization is also a social unit. It uses society’s resources and produces goods and services for which the society is the ultimate consumer. Thus, a business unit owes its very existence to the sorcery. It is, therefore, necessary that a business should operate within the overall parameters determined by the society.

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