Corporate Social Responsibility (CSR) is pivotal for the strategic development of national economy and the sustainability of entrepreneurs in the present era of liberalization, privatization and globalization (LPG) prevailing throughout the globe. Sustainable development (SD) describes the means to satisfy the needs of present generation without suffering the standards of living in future. This study clarifies whether CSR has a positive impact on the SD of Indian economy or not especially after the introduction of National Economic Policy (NEP) 1991 by the government of India (GOI). Furthermore, factors of corporate governance (CG) such as internal control, management capabilities and accounting information quality, etc., have moderating the roles of CSR and sustainable corporate development of entrepreneurs to be more competitive with the global counterparts. The study recommends that government should follow constructive initiatives to formalize CSR towards the society from voluntary guidelines to legal obligations in the present changing and evolving Indian economy. The current research imparts theoretical support and motivation for the corporate houses toward CSR initiatives and their impact on SD of digitized human civilization. Investment of CSR funds in rural development (RD), education, environment, health and others social activities maintain SD in the areas of impressive economic growth and poverty eradiation of developing economy in India.