Discuss the following: (a) Triple Bottom Line Approach of CSR.

Triple Bottom Line is a phrase coined in 1994 by John Elkington. The concept of the Triple Bottom Line proposed that business goals are inseparable from the society and environment within which they operate. The Triple Bottom Line (TBL) is made up of "Social, Economic and Environmental" aspect and is indicated by the 'People, Planet, Profit' phrase. 'People' (Human Capital) pertains to fair and beneficial business practices towards labour and the community and region in which a corporation conducts its business. 'Planet' (Natural Capital) refers to sustainable environmental practices. The 'Profit' is bottom line shared by all customers. It is the reflection of lasting economic impact the organisation has on its business activities and that too after meeting all costs that would protect society and environment.