CSR: Bajaj Auto spends Rs. 119 Cr on social projects in FY 2020, surpasses prescribed budget

Bajaj Auto Limited has spent Rs. 119.44 crore (Previous Year Rs. 112.32 Crore) on Corporate Social Responsibility (CSR) during FY 2019-20, which is more than the prescribed CSR expenditure of 118.80 crore.

Average net profit of the Company for last three financial years prior to 2019-20 stood at Rs 5,940.18 crore.

Bajaj Group implements many CSR initiatives of substantial value through its Group Charitable Trusts operating at various locations in the country. Bajaj Auto Limited is an Indian global two-wheeler company and three-wheeler manufacturing company based in Pune, Maharashtra. It manufactures motorcycles, scooters and auto rickshaws.

The vision and philosophy of late Jamnalal Bajaj, the founder of Bajaj Group, guide the Corporate Social Responsibility (CSR) activities of the group. He embodied the concept of trusteeship in business and common good, and laid the foundation for ethical, value-based and transparent functioning.

Annual report said that Bajaj Group believes that true and full measure of growth, success and progress lies beyond balance sheets or conventional economic indices. It is best reflected in the difference that business and industry make to the lives of people.

Through its social investments, Bajaj Group addresses the needs of communities residing in the vicinity of its facilities by taking sustainable initiatives in the areas of health, education, environment conservation, infrastructure and community development, and response to natural calamities. For society, however, Bajaj is more than a corporate identity. It is a catalyst for social empowerment and the reason behind the smiles that light up a million faces.

A detailed CSR Policy was framed by the Company on 14 May 2014, with approvals of the CSR Committee and Board of Directors. The Policy, gives an overview of the projects or programmes, which are undertaken by the Company from time to time.

A Committee of the directors, titled ‘Corporate Social Responsibility Committee’, which was constituted by the Board at its meeting held on 28 March 2014 with the members: Rahul Bajaj, Chairmanm, Rajiv Bajaj, Nanoo Pamnani, Pradeep Shrivastava

Consequent upon the sad demise of Nanoo Pamnani on 22 February 2020, the CSR Committee was re-constituted with induction of Dr. Naushad Forbes as a member with effect from 17 March 2020. During the year under review, the Committee met five times on 9 May 2019, 19 August 2019, 14 October 2019, 23 December 2019 and 16 March 2020.

Guiding principles of Bajaj Group:

Benefit generations: The Company believes in ‘investment in resource creation’ for use over generations. The Company tries to identify sustainable projects which will benefit the society over long periods.

Educate for self-reliance and growth: To usher in a growth-oriented society and thereby a very strong and prosperous nation, by educating each and every Indian.

Promote health: The Company believes good health is a pre-requisite for both education and productivity.

Encourage for self-help: To guide and do hand holding for self-help, individually and collectively to create excellence for self and for the team.

Be focused: The Company believes that activities should be focused around locations where it has a presence and hence can effectively guide, monitor and implement specific projects.

Target those who need it most: Care for the sections of the society, which are socially at the lowest rung irrespective of their religion or caste or language or colour.

Sustain natural resources: The Company encourages balanced development and ensures least adverse impact on environment – Growth with Mother Nature’s blessings.

Implementing agency of CSR Projects for the year