CSR mandatory, but improperly handled

CSR mandatory, but improperly handled
Highlights

HelpAge India and Association of Senior Citizens of Hyderabad organised a workshop and seminar on ‘Corporate Social Responsibility (CSR) in Telangana’ at the Lions Bhavan. The event was hosted by National Foundation of Corporate Social Responsibility (NFCSR) and Ministry of Corporate Affairs.

HelpAge India and Association of Senior Citizens of Hyderabad organised a workshop and seminar on ‘Corporate Social Responsibility (CSR) in Telangana’ at the Lions Bhavan. The event was hosted by National Foundation of Corporate Social Responsibility (NFCSR) and Ministry of Corporate Affairs. The workshop was conducted by convener and chief programme executive of NFCSR Gayatri Subramaniam.

In his keynote address, RN Mital, head, HelpAge India, highlighted the significance of CSR and its usefulness to the society in particular reference to the welfare and well being of the elders in the country. “The Government of Indian (GOI) made it mandatory for companies to spend 2 per cent of their profits on the welfare of various segments of the society. CSR is not a new concept.

Dr P Vyasamoorthy addresing the conference

Tata, Aditya Birla Group, TVS Group, GMR and many other business houses have been spending lavishly for the welfare of the society.

All companies having a minimum revenue of Rs 1,000 crore or net worth of 500 crore or a net profit of 5 crore or more in a year, have to spend a minimum of 2 per cent of their average profit on CSR activities. However, the top 100 companies including Public Sector Undertakings (PSUs) spent only 1,765 crore on CSR last year against the expected 5,611 crore.

That is just 0.6 per cent of the net profit instead of 2 per cent. Event the top five companies- Indian Oil Corporation, Reliance Industries, Bharat Petroleum Corporation, Tata Motors and the State Bank of India have not performed to reach the benchmark under the CSR as per the directives of GOI,” he said.

Dr P Vyasamoorthy, president, HelpAge India, said, “Since general awareness in the community and CSR teams of the corporate houses are very poor, it will be useful to meet the CSR officers of the donor corporate houses periodically and inform them of age-related problems. Submit a memorandum giving details about our concerns and problems even if you do not have a project in mind.

India is the only country in the world which has made contribution to CSR mandatory. If this concept is properly handled, it can prove to be an effective tool to promote equitable and sustainable growth of the country, especially its social sector.”

“Elderly population in India which at present stands at 12 crore will rise to 30 crore by 2020. The younger generation should look into and work for their welfare and well being,” he added.

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