“…The CSR budget is spent mainly on public welfare especially in community development, primary education, public health, especially to combat dreaded diseases such as AIDS and malaria, infrastructure development, supply of clean drinking water, restoration of water bodies such as ponds and wells, and providing vocational training to unemployed youth to combat poverty. Researchers on ethical orientation of managers in India (Chakraborty, 1997;Fischer et al, 2001) suggest that the changing business environment in the post-liberalization era has prompted more pragmatic and contemporary ethical stances.However, as CSR is gaining momentum in PSUs, managers continuously encounter demands from multiple stakeholder groups to devote resources to CSR. This pressure emerges from government, customers, the local community, industry associations, competitors, suppliers, media and non-governmental organizations (NGOs), institutional investors and lenders.…”