'Business is not an end in itself.It is only a means to an end.'Explain the social responsibilities of Indian business in light of this stataemnt.This Question related to Economic Enviroment of India
Social responsibility is a voluntary effort on the part of business to take various steps tosatisfy the expectation of the different interest groups.
i. Public Image - The activities of business towards the welfare of the society earn goodwilland reputation for the business. The earnings of business also depend upon the publicimage of its activities. People prefer to buy products of a company that engages itselfin various social welfare programmes. Again, good public image also attracts honestand competent employees to work with such employers.
ii. Government Regulation - To avoid government regulations businessmen shoulddischarge their duties voluntarily. For example, if any business firm pollutes theenvironment it will naturally come under strict government regulation, which mayultimately force the firm to close down its business.
iii. Survival and Growth -Every business is a part of the society. So for its survival andgrowth, support from the society is very much essential. Business utilizes the availableresources like power, water, land, roads, etc. of the society. So it should be the responsibility of every business to spend a part of its profit for the welfare of thesociety.
iv. Employee satisfaction - Besides getting good salary and working in a healthy atmosphere,employees also expect other facilities like proper accommodation, transportation education and training.