Increasing Focus on Corporate Social Responsibility
Over time, increasing attention is being given to social development
within the Indian landscape. With the new Companies Bill coming into the
picture, Indian companies with certain financial standing will not only be
pressured to spend 2% of their net profit on CSR initiatives, but also increase
the transparency of what this money
is going towards. The current proposal by the government suggests that
companies with a profit of over Rs 5 crore, or turnover of Rs 1,000 crore,
should make every effort to spend a percentage of their profits on social
causes such as the eradication of poverty, education, health and vocational
skilling. Not satisfied with just the above, former finance minister Yashwant
Sinha has suggested this clause be made mandatory. However, even if not made
mandatory, with companies having to justify why they haven’t spent money on
CSR, one should soon see crores of rupees entering the development sector hence
giving rise to huge opportunities within the social sector space.
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ReplyDeleteI think govt.has taken right decision for social activities. The most profitable companies should spend their profit money.
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