**4. Conclusion and suggestions for reform**

In this chapter, authors have investigated the comparative perspective of CSR. In doing so, a crisp preliminary incursion was made into the interest of government in intervening in CSR matters and policy. A government may shape CSR policy in a way to co-partner the role of corporations in socio-economic development of the country or it may have to promote CSR owing to involuntary factors of political considerations like people's legitimate expectation.

Different countries adopt several approaches to foster a congenial climate for CSR. India has made CSR mandatory through law subject to certain qualifications. The US has no particular hard law mandating CSR performance by the businesses. Norway's approach sits in between India and USA. She has statutorily mandated CSR by big corporations but simultaneously CSR is also encultured as a routine of doing business. India can learn a few lessons from Norway and US. First, the government should start organizing seminars to raise corporate consciousness about CSR and

provide incentives to SMEs for conducting CSR activities. It would go a long way to create a CSR culture and encourage sustainable practices by businesses. Second, the government should actively monitor CSR activities to ensure compliance. The current system relies on self-discipline and honesty of the corporations without any external checks. Third, the current rules do not allow corporations to spend on CSR activities that run beyond 3 years. The rule should be made flexible to allow the corporations to invest in multi-phased projects stretched over years. This flexibility is available in the US and Norway where no specific time prescriptions for CSR projects. Fourth, local community should be made part of the CSR activities for a meaningful stakeholder consultation, in case the projects are being undertaken in those communities. Fifth, specific rules should be laid down with regard to making Public-Private Partnership projects as a part of CSR.

Globalization has made the world a single big market place with businesses playing a pivotal role in the economies of the world. That apart, they also are now creating value for sustainable environment and better life by pitching to stand for specific social concerns via CSR route. The system of CSR should be so synchronous and smooth that it encourages businesses and provide maximal space for pursuing good social practices.
