Corporates free to choose CSR activities: Sachin Pilot

0
99

Press Trust of India

NEW DELHI: orporate Affairs Minister Sachin Pilot today said the industry would be free to choose CSR programmes and strategies best suited to their company’s philosophy and businesses.

Magazine on CSR in India
Magazine on CSR in India

Speaking at the ‘National Summit on CSR’ organised by industry body CII here, Pilot said the government would adopt a “flexible approach” on CSR (Corporate Social Responsibility) which is now part of the new companies law.

“Industry would be free to choose programmes and strategies best aligned to their corporate philosophy and businesses,” he said.

Further he assured the industry that the government would “not apply any rules with retrospective effect”.

According to Pilot if CSR spending reaches the desired objective one would be able to see tangible results.

In monetary terms, it is estimated that the CSR provision would lead to anything from Rs 19,000-25,000 crore annual investment in the country’s social sector.

Talking about CSR, Ministry of Corporate Affairs Additional Secretary M J Joseph said that “when it came to embedding CSR into business strategy, the execution and mainstreaming of strategy was of paramount importance.”

CII National Council on Development Initiatives Chairman Rakesh Bharti Mittal said that government norm mandating three-year track record required for an NGO or foundation to receive funding be relaxed in the event that a foundation belongs to a reputed company.

The new Companies Act makes it mandatory for profit making companies reporting Rs 5 crore or more profits in the last three years to spend at least 2 per cent of their average profits towards CSR activities.

Comments

comments

SHARE
Previous articleCaterpillar Foundation & Global Communities Take a Message of Waste Management & Eco-Friendly Practices
Next articleCorporates should take CSR law positively: Nita Ambani
India CSR Network
India CSR Network is India's biggest and most trusted news portal in the domain of CSR & Sustainability. India CSR welcomes stories, statements, updates, reports on issues that interest you. Feedback, comments will make it more purposeful and resourceful. It is designed and maintained by India CSR Group. Contents are non-fiction. Though all efforts have been made to verify the accuracy, the same should not be construed as a statement of law or used for any legal purposes. In case of any ambiguity or doubts, readers are advised to verify with the source(s). Statement, articles, views and contributions can be sent to editor@indiacsr.in