NEW PARADIGMS OF DOING BUSINESS WITH AN EYE ON SOCIAL REPONSIBILITY ARE EVOLVING AS THE WORLD IS FACING A HOST OF PROBLEMS, SUCH AS ECOLOGICAL IMBALANCE, DESTRUCTION OF ENVIRONMENT, CORRUPTION IN CORPORATE AND GLOBAL FINANCIAL CRISIS. IT IS SEEN THAT THE CORPORATE HAVE UTTERLY FAILED CONCERNING ETHICS, RESPONSIBILITY AND SUSTAINABLE BUSINESS PRACTICES. COMMENCING FROM THE STAKEHOLDER CONCEPT THE CORPORATE SOCIAL RESPONSIBILITY (CSR) MODELS HAVE MOVED A LONG WAY, BUT STILL FAIL TO MEANINGFULLY ADDRESS THE PROBLEM. THUS, IT HAS BECOME A COMPELLING NEED FOR THE BUSINESS IN PARTICULAR, AND THE SOCIETY IN GENERAL, TO URGENTLY COME UP WITH AN INNOVATIVE APPROACH TOWARDS THIS. THE INDIAN PHILOSOPHY IS THE OLDEST LIVING TRADITION WITH AN ETHICAL DOCTRINE DERIVED FROM ITS METAPHYSICS GIVING IT THE CAPACITY TO PROVIDE SOLUTION TO VARIOUS ILLS OF LIFE. IN THIS PAPER AN ATTEMPT HAS BEEN MADE TO PROPOSE A HOLISTIC MODEL OF BUSINESS WHICH IS EHICAL,RESPONSIBLE AND SUSTAINING BASED ON THE INSIGHTS GLEANED FROM THE RICH INDIAN PHILOSOPHICAL THOUGHTS.