NEW DELHI: Dr. Huzaifa Khorakiwala (Sir Dr. Huz), Director of Wockhardt Ltd and CEO of Wockhardt Foundation on Friday proposed stating that CSR spent of 2% as provided under current statute for undertaking corporate social responsibilities is too little and therefore, its ceiling should be raised to 10% of total turnover of the corporate.
Dr. Khorakiwala who made the aforesaid observations at Thought Leadership Summit on Sustainability & CSR under aegis of PHD Chamber of Commerce and Industry here today felt that with 2% of CSR spent, the eligible corporates are making use of it thorough tie up with NGOs and other such entities to render their legitimate corporate social responsibility with not many of accomplishments.
With 2% limit of CSR, the eligible corporates’ involvement with CSR activities is mostly through their partners NGOs and the like and therefore, it should be raised to a level of 10% to enlisting involvement of top management so that actual results follow with the objectives of corporate social responsibilities to uplift India and its vulnerable society and the landscape both economically and social, he said.
With the raised limit of CSR, the humanity would also be better served, concluded Dr. Khorakiwala.
In his welcome remarks, Sr. Vice President, PHD Chamber, Anil Khaitan demanded that emphasizing that CSR spends be subjected to tax exemptions for its wider and multifarious applications.
Vice President, PHD Chamber, Rajeev Talwar who also spoke on the occasion pleaded for revival of age old Indian culture and with that build a new economy with eco-friendly environment and landscape.
Former President, PHD Chamber, Dr. Binay Kumar in his remarks urged that a CSR fund created in the Chamber should receive offerings in terms of donations from various corporates to rebuilding Banaras as one of the smart cities in India.
Among others who spoke on the occasion consisted Chairman-CSR, PHD Chamber, Ajay Poddar who sought sustainability in CSR activities and Director, PHD Chamber, Dr. Jatinder Singh who moderated the Summit.
Dr. Jatinder Singh informed India CSR Network, “Forum was very successful. Participants exchanged ideas and actively participated in discussions and showed their commitment to make CSR a key tool for social development in the country.”
India CSR Network participated in the forum as a Media Partner.