In more recent times, however, there has been a strong push for Indian firms to adopt a more business model‐based approach to CSR where the rationale for considering social and environmental issues is predominantly related to firm value creation (Narwal and Singh, 2013). The promotion of this view is particularly reflected in the rapidly evolving regulatory rules governing Indian corporate affairs and related CSR policies. Provided below are some of the key policies and guidelines covering the period from 2008 to 2014: • In 2009: The Ministry of Corporate Affairs released the “National Voluntary Guidelines (NVG) on CSR (2009)” (MCA, 2009a) as well as “The Corporate Governance Voluntary Guidelines” (MCA, 2009b). • In 2010: The Department of Public Enterprises mandated CPSEs to undertake CSR. The “Guidelines on CSR for CPSEs” was distinct from the NVG on CSR; in that, it only applied to CPSEs and with the requirement of mandatory expenditure on CSR based on the firm’s net profit[3]. • In April 2013: The Department of Public Enterprises released a revised set of CSR guidelines, titled “Guidelines on CSR and Sustainability for CPSEs” (DPE, 2010), which brought the subject matters of sustainable development and CSR together. • In August 2013: The new Companies Bill 2013 was passed by Parliament, mandating all large, profit‐making companies in India to earmark 2 per cent of average net profits of three years towards CSR (namely, companies with net worth of more than Rs 500 crore (approximately USD50 million) or an annual turnover of over Rs 1,000 crore). • In February 2014: The “Companies CSR Policy Rules 2014” were released to provide more specific guidelines for the implementation of CSR according to the Companies Bill.