 ଇଦଦ଩, ଇ��� ଇଦାଇ, ຣ��� ଇॵ଀ ଇ�Excit into the business of society. సార్సింది పింటిస్వూ,కార్లోప్య్ాకినాదాణాడిందిందిందికిూది. ఇమలోలికింది. దార్పికిందింది వటంటిఊవాకి. మర్రలిటికచి మార్యార్ఖనాది మరిటలిటి� skills మర్టల్౑టామా్ది is meant by social responsibility of business. What is the concept? A business is a social organization, business exists in society. So as such it has got responsibility towards the society. Is there anything new? So we shall try to explore what is the concept of social responsibility of business. Then we shall take up the other objective. The other objective is to outline the various parties to whom the business is socially responsible. Business is socially responsible to whom the business is socially responsible. These are the two learning objectives that we shall discuss in part two of this video which is basically concerned about unit two of your business environment course. There is one business and society. So you see corporate social responsibility, CSR. This is a very emerging topic. Even our Mohatma Gandhi also talked about trustship. No Milton Friedman, a Nobel laureate, he once started. The purpose of business is to profit. So once the profit is earned legally. So business has met with its corporate social responsibility. It has not done anything illegal. So earning profit legally is basically associated. That's why the business stands for. But later on certain other concepts emerged. And this is one of those concepts by Lord home and research watch. And that is given in your SLM also. And that is basically from a world business council for sustainable development. So what is corporate social responsibility? It is a continuing commitment. It's not just having one time commitment. It is a continuing commitment. Always a business organization has to be committed. To behave ethically, morally, we are dutiful to the society. To behave ethically and contribute to the economic development. So economic purpose is one. If the business is not profitable, it will not be able to serve the society. Business has to be profitable. But it should not be profit-earing. Means not earning profit by hook or by group. Earning profit in a socially desirable manner. Once again I am repeating the definition. It is a continuing commitment by business to behave ethically, morally. And contribute to economic development while improving the quality of life of the workforce and their families. As well as the local community and society at large. If you carefully examine this definition, you will find the components to whom we are responsible. We are responsible to our workforce, the employees. We are responsible to the families of our employees. We are responsible to the local communities. We are also responsible to the larger society. So larger society will include the customers, the bankers, the suppliers, the general public. So corporate social responsibility is emerging as a very broad concept. It is a continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as the local community and society at large. So CSR is a continuing commitment of business. It calls for behaving in an ethical manner. It calls for contributing to economic development. It aims at improving the quality of life of employees and their families. It calls for contribution towards well-being of local community and society as a whole. So if you carefully analyze the definition, these are the points that you will come across. And these are all very important points to know about the concepts of corporate social responsibility. So parties to whom business discharges its social responsibilities. Number one, customers. For whom a business exists, business exists for the customers. A hospital exists for the patients. An educational institution exists for the students. A mall exists for its customers. So customers are the prime focus of the very existence of a business. So business is responsible to the customers. Business is also responsible to the creditors, to the bankers, to the shareholders. Because they deposit their hard-earned money in the business. So their credit has to be given its reward. Business is responsible to the employees. Business is responsible to the shareholders. Business is responsible to the larger forces, the society. And society comprises family, educational institutions without it. Religious institutions. Business is also responsible for government. Because business has to pay tax. The corporate tax, the income tax, the municipality tax, different taxes, the business has to pay. So business is largely responsible to government. And business is also responsible to the environment. In today's context, we talk about various bottom lines. One is economic bottom line. Organization has to be profitable. Organization should be able to earn a surplus. Second one is the organization also has to be environment friendly. Socially responsible. The organization should not create any kind of pollution. It should be environment. It should to the extent possible. It should be able to adopt the green practices. It should not be engaged in any kind of activities which might create the disaster to the environment. So parties to whom business deserves its social responsibility, if you see the list, it includes the customers, creditors, employees, shareholders, society, government, environment means what. The business is a part of the society. Business itself is also an organization and institution. It exists in the society. So it has got a role to play towards the society. It is a larger role to play to the society in terms of meeting the specific requirements of its customers, creditors, employees, shareholders, debtors, creditors, government, environment, etc. So in this video we have discussed these two learning objectives. Thank you. We shall cover the other two learning objectives in the third part of our video. Thank you.