Govt to meet corporates on CSR spending on Jan 9 in Mumbai

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MUMBAI: To explore the possibility of aligning Corporate Social Responsibility (CSR) spending with the development priorities of the state, the Maharashtra government will be holding a conference with corporate houses on January 9.

“This is an attempt to coordinate efforts of the government and the corporate sector to achieve desired results in helping the corporate organisations judiciously use their CSR funds while addressing the developmental needs of the state,” state finance minister Sudhir Mungantiwar said here on January 4, 2016.

The government would identify the areas of development (where CSR projects may focus) and help the corporate firms invest in the growth of the state, he said.

The State Finance Ministry, along with the Governor Ch Vidyasagar Rao (who will be attending the conference) had selected nine priority areas including the Swachh Bharat mission, skill development, forests and renewable energy where the CSR activities can focus, Mungantiwar said.

The idea was to ensure efficient use of CSR funds without duplication of projects, he said. The government may also form a team to assist the companies so that CSR spending can focus on the marginalised and the under-privileged with maximus impact, he said. The conference is expected to be attended by representatives of about 100 corporate houses.

As per the amended Companies Act, 2013, the companies with at least Rs 5 crore net profit will need to spend 2 per cent of three-year average annual net profit on CSR activities in each financial year. — PTI

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