Corporate social responsibility (CSR) involves voluntary actions by companies to contribute to societal and environmental betterment, with some Indian firms like Tata and Birla leading these efforts despite the nascent stage of CSR in India. CSR aims to maximize a company's positive impact, foster community awareness, and align business operations with sustainable development goals. Essential principles of CSR include legitimacy, public responsibility, and the necessity for companies to innovate and collaborate for mutual benefit.