Question
"Existence of business is not possible without society" Explain the statement with reference to social objectives of business. 

Answer

The objective of social responsibility:
  • Business is not an independent activity. It interacts with various groups/ classes of people of society associated with business directly or indirectly but with different interests. Business interacts with owners, employees, creditors, government, etc.
  • It is quite important to take care of the interests of these different groups of society.
  • To do so, business has abide by the laws to maintain the business environment, follow the Employee Welfare Act, Factory Act, Consumer Protection Act, etc.
  • Factors like rise in consumer awareness, rules and restrictions imposed by state, consumer associations and increased education compel a business to fulfill these social responsibilities.

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