'We give them problems so that they can come up with solutions using the technological skills they have learnt.' 'In fact, changemaking and problem solving are interchangeable, in a way.'
Ghost beneficiaries aren't the only kind of issue companies face during a period of unprecedented CSR spending, touching nearly Rs 12,000 crore in 2018-19. Frauds related to procurement, construction, and end-use of funds have had companies engaging forensic auditors to keep tabs on how money is spent, revealed conversations with those involved in such investigations. Firms are also increasingly strengthening their own capabilities to better implement their programmes.
India Inc's philanthropic spends have grown by 3.62 per cent to Rs 22,000 crore in FY21 as profits expanded, and a majority of the allocations have been done to pandemic-linked causes, a report said on Tuesday. The report by rating agency Crisil said that while the first wave saw greater spending in cash largely through the PM-CARES Fund, the preference shifted to more direct support through in-kind spends in the second wave. Corporate contributed only Rs 85 crore to the PM-CARES Fund during the second wave between March and June 2021, as against Rs 831 crore to what was classified as 'others'.
Before heading abroad, ensure your travel insurance policy offers all essential coverage and has an adequate sum insured.
Dhoni endorses 42 brands to Bachchan's 41 and SRK's 34.
Internship opportunities have been posted by 193 companies, including Jubilant Foodworks, Maruti, Eicher Motor, L&T, Muthoot Finance and Reliance.
'There will be 200 ITIs developed as hubs, while 800 will be developed as spoke, connected with five National Skill Training Institutes.'
In a country where there is such a disparity and large part of population living in villages are below the poverty line, the need for CSR supersedes everything.
Expecting an annual CSR spending of Rs 15,000-20,000 crore (Rs 150-200 billion) by India Inc, Corporate Affairs Minister Sachin Pilot has asked companies to see the new law as an investment opportunity to create a better work environment, rather than a forced expenditure.
A shortlist using artificial intelligence would be prepared to identify eligible candidates and match them to the suitable internship opportunity. The shortlist would be shared with the companies on Tuesday, October 15.
Regretting that the concept of voluntary CSR has not picked up in India, Corporate Affairs Minister Veerappa Moily on Wednesday said the new Companies Bill would make it mandatory for corporate to earmark part of their profit for corporate social responsibility (CSR) initiatives.
India Inc has started lobbying with the government to compensate them by giving tax incentives on the funds spent on CSR.
The Corporate affairs ministry has notified that henceforth political parties will not be eligible for CSR funding.
The biggest spend (Rs 4,406 crore) was for Schedule VII (II), which involves "promoting education, including special education and employment enhancing vocation skills, especially among children, women, elderly and the differently abled and livelihood enhancement projects". The FY19 spend was 17.2 per cent higher than Rs 1,0128.3 crore spent during the previous year.
The Central government expects to collate the data on corporates' CSR spending activities under the new companies law
Corporate affairs ministry sending notices seeking details of fund disbursal
'I have funded myself for tournaments until Nov last year, after which I was sent with the Indian team for tournaments as I met the selection criteria to make the team. I was included as part of TOPS scheme only after qualifying for the Paris 2024 Games till the Olympic Games, that's it.'
Leading Indian companies-- ITC Ltd and Reliance Industries Ltd (RIL)-- have received top rating in Asia for their corporate social responsibility (CSR) initiatives, according to report by the Hong Kong-based brokerage and investment firm, CLSA.
The top bureaucrat's comments are diagonally opposite to the opinion expressed by corporate affairs minister Murli Deora who had favoured making the allocation of 2 per cent of net profit for CSR mandatory.
Corporate behemoth Reliance Industries and two Tata Group firms - Tata Motors and Tata Steel - have emerged as the country's most admired companies for their corporate social responsibility initiatives, says a survey.
To me he always symbolised the sincere, confident, face of a Bharat whose rise is unstoppable. Ratan Tata was a Rishi who was unquestioningly trusted by people who never saw him and never met him, asserts Tarun Vijay, the former BJP MP.
The new Companies Bill will boost such spending by both public and private companies. Praful Patel, Union minister for heavy industries & public enterprises, speaks to Business Standard on the issue.
Tata Sons Chairman Ratan Tata will inaugurate a two-day national summit on Corporate Social Responsibility in Chennai beginning from June 14.
'We have essentially tried to set out an agenda for the next five years and it, in essence, represents the political commitment to that agenda.'
The centre of excellence, a non-profit joint venture between tobacco-to-hotels major ITC and the Confederation of Indian Industry (CII), is working on a rating system for companies' corporate social responsibility (CSR) programmes. The first exercise of its kind in India, the idea is to incentivise CSR programmes to strengthen companies' ability to bargain for tax breaks and create a better image with consumers and stakeholders.
India won 19 medals (5 gold, 8 silver and 6 bronze) in Tokyo Paralympics for a 24th place in the tally and Jhajharia predicted that the country will win more than 25 medals in Paris and finish in top-20 in the tally.
CK Prahalad, professor of corporate strategy at the University of Michigan and author of books on innovative business models that can help end world poverty, talks about corporate social responsibility in an interview with Business Standard.
However, RIL has exceeded the mandatory 2% prescribed limit, spending the maximum amount of Rs 761 crore
'His contribution not only elevates our institution but also serves as an inspiring example of how our alumni community continues to drive meaningful change.'
You cannot have a corporate tax and then say spend another two per cent.
India has been named among the top 10 Asian countries who are paying an increasing importance towards corporate social responsibility disclosure norms, a survey says.
With Janata Dal-Secular state president H D Kumaraswamy repeatedly attacking him and his son Yathindra, a former Congress MLA, accusing them of a 'cash for transfer' racket, Karnataka Chief Minister Siddaramaiah on Sunday said he will retire from politics, if proved that he has taken money, even in a single transfer case of government officials.
The major initiatives of the Modi government have been launched to ensure cleanliness across the country
Procurement Leaders Awards is a benchmark for Global Procurement Excellence given by the Procurement Leaders Forum.
Several Indian companies might have to set aside 2 per cent of their average net profits during the preceding three years to meet corporate social responsibility (CSR) spending requirements. A parliamentary standing committee on finance, which vetted the Companies Bill, 2009, said in its report that the ministry of corporate affairs has agreed to the suggestion.
According to proposed norms, companies will need to spend at least 2 per cent of net profit on corporate social responsibility-related activities.
Letter to corporate affairs ministry cites slowing economy, capital challenges.
India is very important for us. With its network of NGOs and the challenges of poverty reduction and clean technologies, we consider India as an important region.
'India has a skill shortage of 56%.' 'This is a very interesting paradox -- the unemployment rate is 6% to 7%, and at the same time 20% of those qualified are unemployed.'
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances