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y. Of course, what are the limits depends in part on circumstances. In a society facing a crisis, the limits may be more flexible than in a society, which is not. (Socially responsible Corporations, 2008)

Companies can also use Reporting Frameworks to aid such description. Reporting Frameworks, as the ones described below, focus on specific parameters / indicators regarding the social impact of a company's activities. It is pertinent to note that these Frameworks have originated since a few years and are still evolving. There are concerns that have been expressed regarding the way some matters are dealt with by the Frameworks; nonetheless, such Frameworks can serve as a reference point for companies seeking to formulate their own Framework since they do deal with a variety of parameters / indicators. (World bank, 2010)

Corporate Social Responsibility

While several and diverse views exist today on the meaning of CSR, and these are dealt with in below, it is well accepted that all said and done, CSR is essentially about and business & its social relation. Therefore, this section first analyzes, in fundamental terms, the relevant anatomy of business and links it to an analysis of its social relation. Such an approach is also necessitated by the fact that most CSR literature has a primary focus on social impact and the focus on business itself tends to remain hazy. However, to gain a proper perspective of CSR, both these aspects deserve equal focus. We live in a pluralist society of institutions, that is, a society made up of different institutions such as the defence sector, the business sector, the education sector, the healthcare sector and so on. Each such institution is an organ of society and has a specific and important purpose. (Consumers prefer socially responsible brand,2007)

Economic Performance results in addition of value to both the society as a whole and the particular business too. Economic Performance adds value to society by ensuring utilization of resources in an increasingly efficient manner to provide goods/services that increasingly satisfy needs of people who choose to pay the price for them. In return, business directly receives economic value from society in recognition of such performance that enables it to continue its economic performance. (IDC Home:Data Intelligent Unit,2008)

The result is overall economic growth of society. In an environment of competition, such need is expressed in the need to create and sustain competitive advantage, i.e. the ability to provide goods/services either at a lower cost than competitors or those that have different features from those of competitors.

Some key things that CSR initiatives can bring in from companies are-Companies can establish working relationships with faculty in disciplines of interest to help such faculty understand the needs of industry and advice students accordingly.

Companies must maintain regular contact with all centres of research that bear on its activities, through sponsoring visits by faculty to the company's research facilities, creating programs in which company researchers spend time in university/research laboratories and vice versa, and participating in company sponsorship programs.

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