Indian Government Expands Scope of CSR Spending
By Nirmala Sitharaman
Corporate affairs and finance minister Nirmala Sitharaman on Friday said the government has decided to expand the scope of corporate spend under Corporate Social Responsibility (CSR) norms.
According to the companies act, firms with net worth of ₹500 crore or more, or turnover of ₹1,000 crore or more or net profit of ₹5 crore or more, are required to spend 2% of average net profit of the preceding three years on corporate social responsibility activities.
These include initiatives that would have social, economic and environmental impact or a way to give back to the society, such as promoting gender equality, empowering women, promoting education, eradicating hunger, poverty, malnutrition, rural development projects, conserving natural resources, among others.
Photo courtesy of Satish Krishnamurthy.