The Roots of Indian Corporate Social Responsibility (CSR) Practice from a Vedantic Perspective

In recent years, numerous researches have been conducted on corporate social responsibility (CSR) from various perspectives including contributions from the philosophical and religious schools of thought. Philosophy and religion also have a significant impact to business and management as research suggests that the encouragement of philosophy and religious principles in business can lead to benefits in the areas of creativity, honesty and trust, personal fulfilment, and commitment, which will ultimately lead to increased corporate and business performance. From a survey of CSR literatures from philosophical and religious perspectives, there are studies based on the Quran (Islam), Bible (Christianity) and Confucianism viewpoints made by scholars. The Vedantic (Hinduism) view has also in recent years received attention within the field of CSR especially when the roots of CSR practice is explored in the Indian management. Except for few researches in this area which are still at the infant stage, many of the Vedantic concepts (with exception of dharma and karma) have yet to be fully explored within the context of CSR. Therefore this article is timely and fills the gap in the CSR literature. In this article, the author employs hermeneutics, a qualitative research methodology which involves the study, understanding and interpretation of the Vedantic concepts in CSR. In a nutshell, from a Vedantic viewpoint, the CSR is seen from an inside-out perspective, which is the development of individual leader’s self-conscience of his or her svadharma (prescribed duties) and karma (action) plus the performance of pancha rina (fivefold debts). Based on the Vedantic insights, CSR should ideally begin with ISR (Individual Social Responsibility) and to go beyond CSR with GSR (Global Social Responsibility). These three social responsibilities are the essential dharma and karma of corporate leaders. The leaders and the role they play in corporations are crucial in ensuring transparency, good conduct and governance towards the ultimate aim of achieving CSR. This article is expected to provide a framework to the study of Vedantic viewpoints in other aspects of corporate management besides CSR in the near future.