Union Railway Minister Suresh said, being fair in any business is the key to maintaining equality and a better business culture. He was speaking as the chief guest at the 29th Council for Fair Business Practices (CFBP) Jamnalal Bajaj Awards for Fair Business Practices.
Talking about a root cause to most problems, Prabhu pointed out that inequality and the gap between haves and have-nots. He suggested that equality is the solution to most problems and fairness is the key to it. He also spoke about the CSR mandate and said that the statue books cannot guide one for equality. “Fairness is the way to achieve equality. In business practices, fairness should come from your inner value system, only law cannot guide you,” said Prabhu.
Corporate social responsibility (CSR) rules, implemented in April 2014 under section 135 of the Companies Act, have generated a buzz for their innovative approach to social development, and helping channel funds from companies towards such activities.
But even as annual CSR spend is on the rise, the impact on the ground and effective deployment of the funds remain a matter of debate three years on.
CSR rules direct that companies with a net worth of Rs500 crore, a revenue of Rs1,000 crore or a net profit of Rs5 crore spend 2% of their average profit on social development activities like education, health and women’s empowerment. The money can be spent by setting up a CSR department within the company, a corporate foundation or by partnering with not-for-profits.
Nepal's enterprises have been spending certain amount in social causes. But, it is the first time that legal provision has been made ensuring that enterprises must spend certain amount of their profits for social causes.
Nearly 400 companies together shelled out about Rs 5,857 crore towards corporate social responsibility (CSR) activities in two years, Parliament was informed on Tuesday. An assessment of CSR expenditure of 172 companies indicates that these firms spent Rs 3,360 crore in 2015-16 against the mandated Rs 2,660 crore on such activities, Minister of State for Corporate Affairs Arjun Ram Meghwal said in a written reply to the Rajya Sabha
Barmer MLA Mevaram Jain raised the issue in the state Assembly on March 25, alleging that Cairn India betrayed the people and misused the CSR (corporate social responsibility) fund. “The solar power micro grid, installed by Cairn in 2015, functioned for less than 10 months, sending the villagers back into darkness,” he said.
The first bilateral forum to address sustainability issues at the trade and investment between India and Netherlands was launched in New Delhi on Wednesday. It aimed to help Indian businesses in a big way as growing demands and regulations of sustainable practices in international trade aligned with SDGs, are affecting many Indian businesses having trade ties with the European markets.
Union finance minister Arun Jaitley has called for strict discipline and an arm's-length between corporate proposals and spending on corporate social responsibility (CSR) to ensure that companies are not supporting "their own proposals" from this sphere.
CSR has greater potential to tackle social issues rather than traditional corporate philanthropy. The CSR initiatives undertaken by corporates have created opportunities for NGOs and have major scope for advancement in terms of creating impact.
More companies are now spending more in corporate social responsibility (CSR) and top 100 listed companies have seen a jump of about 25% in their spending in last year, according to a research by IiAS.
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