In the post liberalized Indian economy corporate sector has dominated country’s economic development path. No doubt, the private corporate entities especially family controlled ones are performing well and contributing lot for nation’s growth by increasing production of goods and services, contributing to national income, creating jobs, earning good amount of Foreign exchange but the other side and worrying fact is their growth in leaps and bounds resulting in concentration of wealth and their political and economic dominance. These will exert influence on government policies and decisions in their favour, it is an indication that Oligarchic capitalism is emerging in India. In this paper causes for Oligarchic capitalism, consequences of Oligarchic capitalism, tools to tackle Oligarchic capitalism and role of CSR initiatives in curbing Oligarchic capitalism are analysed. The emergence of oligarchic capitalism and its consequences can be controlled when business people and politicians join hands to support and observe socially responsible business practices. More over public awareness is most important in controlling the emergence of oligarchic capitalism. Here an attempt is made to explain the role of CSR as a tool to tackle this anti- welfare system in India.