Govt plans to urge companies to up CSR spend

  • | Friday | 25th September, 2015

MUMBAI: The state government plans to meet representatives of India's top 100 private companies in October to encourage them to invest more in corporate social responsibility (CSR) activities. "The government is keen to know the problems faced by companies while making contributions towards CSR activities. As per the notified rules, all private firms have to spend 2% of their average profit of the previous three years on CSR activities specified by the government. "We are planning to meet representatives of companies so that they can work properly for the benefit of the society. State finance minister Sudhir Mungantiwar has decided to meet the company representatives and encourage them to increase their CSR spend through proper planning.

MUMBAI: The state government plans to meet representatives of India's top 100 private companies in October to encourage them to invest more in corporate social responsibility (CSR) activities. As per the notified rules, all private firms have to spend 2% of their average profit of the previous three years on CSR activities specified by the government. However, many companies spends less than that. State finance minister Sudhir Mungantiwar has decided to meet the company representatives and encourage them to increase their CSR spend through proper planning. The meeting is scheduled to take place at Raj Bhavan, and will be attended by governor Ch Vidyasagar Rao too. "We are planning to meet representatives of companies so that they can work properly for the benefit of the society. There should not be any duplication of work. They should not invest in sectors where government is already putting in efforts," said the finance minister. "The government is keen to know the problems faced by companies while making contributions towards CSR activities. We will try to simplify the CSR investment process. The state wants response from companies and public towards its initiatives like Swachh Bharat Abhiyan, Jal Yukt Shivar scheme, Digital India, women and child development programmes and forest department activities. We will make presentations on these sectors," said a finance department official. According to the government's CSR policy, private companies can work towards eradicating hunger, poverty and malnutrition and promoting preventive healthcare and sanitation, homes and hostels for women and orphans, oldage homes, day-care centres and other similar facilities.

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