ABSTRACT
Corporate social responsibility (CSR) has become the new buzzword in Indian business, in keeping with global trends. In practice, it is characterised by a somewhat nebulous relationship with society. The precursors to CSR in India underscore the intricate nexus between business and society. By the early 20th century, this process of informal stakeholder engagement was pushed into the background by the advent of corporate philanthropy that evolved in the context of the freedom struggle. The Chairman and Board of Directors of Union Carbide faced the prospect of prosecution and prison, Indian companies realised that the implications of responsibility, accountability and culpability go beyond boardrooms and balance sheets. It took the horrifying Union Carbide Gas tragedy at Bhopal in 1984 to jolt the limited outlook of Indian industry. Indian industry must acknowledge its heritage of traditional approaches and emphasise trust as the cornerstone of business activity.
