India is the highest county in number of universities which constitutes more than seven hundred universities including private, public and semi sectors. Despite India have more institutions and strategies for higher education still Indian education is not competitive and performing infancy stage as compared to world class level. Education has pivotal role in national building and moulding superb wings of human recourse. Every country is spending much amount for enhancement of education. CSR, as a strategic practice, is a key to organizational success because it is one of the few practices that can positively impact all three elements of the Triple Bottom Line (Economic, Social, Environment), contributing to a healthy bottom line and long-term sustainability.
Some Indian companies have always strong philanthropic activities and target to education sector as the part of CSR, many initiatives are executed by corporate in partnership with Non-governmental organizations (NGOs) who are well versed in working with the local communities and are experts in tackling specific social problems. As per schedule –VII of company bill 2012, promotion of education is considered as CSR policy of company, even though some high profiled companies running their institutions for profit making by markatising the education. So this paper explains prospects and challenges on both the social and corporate managerial perspective. This study tries investigates the role of educational institutions and companies to surpass the CSR for creating best human capital and also explores the significances of CSR for promoting education and various initiatives of companies in education sector as a corporate responsibility to expansion education.