Q.Define social responsibility of business.

The definition should capture that the obligation runs to society broadly, not just to a business's own owners.

Social responsibility of business is the idea that a business enterprise owes obligations that extend beyond its own owners, to society as a whole.

Concretely, it is the obligation of a business to take decisions and actions that protect and promote the welfare of society, rather than pursuing only the narrow financial interest of its shareholders. This obligation is usually understood in four broad, overlapping categories: economic responsibility (being efficient and profitable, since an unprofitable business cannot serve anyone for long); legal responsibility (complying with the laws of the land); ethical responsibility (doing what is right and fair even where the law is silent or does not go far enough); and discretionary or philanthropic responsibility (voluntary community-welfare activity that goes beyond what is strictly expected).

Understood this way, social responsibility is not opposed to running a business profitably — it reflects the recognition that a business's long-term ability to operate depends on the goodwill and trust of the society within which it functions.

Defining it merely as "following the law," which describes only legal responsibility — one of four broader categories, not the whole concept.