Corporate Social Responsibility (CSR) has emerged as an important instrument for achieving sustainable development and promoting social welfare in India. With the enactment of Section 135 of the Companies Act, 2013, CSR has transformed from a voluntary philanthropic activity into a statutory obligation for eligible companies. The present study examines the effectiveness of CSR policies in promoting social welfare and preserving cultural heritage in Jharsuguda District of Odisha, with special reference to the CSR initiatives undertaken by Mahanadi Coalfields Limited (MCL) and other industrial establishments. The research adopts a socio-legal and empirical methodology. Primary data were collected through interviews with officials and employees of MCL and other stakeholders, while secondary data were gathered from statutory provisions, government reports, company documents, journal articles, and judicial pronouncements. The study analyses the legal framework governing CSR under the Companies Act, 2013 and examines the implementation of CSR projects relating to education, healthcare, livelihood generation, environmental sustainability, and cultural development in Jharsuguda district. The findings reveal that CSR initiatives have made significant contributions to social welfare and community development. However, several challenges, including lack of transparency, inadequate public participation, limited awareness, and deficiencies in impact assessment, affect the overall effectiveness of CSR policies. The study concludes that while CSR has emerged as a valuable mechanism for inclusive development, greater stakeholder engagement, transparency, and continuous monitoring are essential to ensure that CSR initiatives produce sustainable and long-term benefits.