Impact of CSR Activities in the Development of State Economy

Abstract

Within the larger context of state-level economic development, this study explores the dynamic interaction between Corporate Social Responsibility (CSR) initiatives and their significant impact on State economy, which are further categorized into infrastructure, skill development, and generation of employment opportunities. The study thoroughly analyses the hypotheses using an extensive technique that includes correlation test, regression analysis, ANOVA, and chi-square tests. This creates a compelling story about the significant impact that CSR plays. The study highlights the potential of business participation as a catalyst for worthy change by finding a positive association between the size of CSR successes and the state's overall economic development. Furthermore, the study unveils the noteworthy contributions of corporate social responsibility (CSR) towards increased job prospects and improved skill enhancement, underscoring the complex advantages that surpass financial gains. Crucially, the study demonstrates a strong correlation between CSR efforts and infrastructure growth, illuminating particular domains in which these endeavors have a notable impact. Despite acknowledging certain inherent limits, the study provides insightful information for stakeholders, businesses, and policymakers looking to strategically connect corporate social responsibility (CSR) efforts with the state's holistic development objectives. This study adds to the body of knowledge in academia and offers practical recommendations for encouraging sustainable economic growth through ethical business practices.