Odisha to set up state-level body for CSR activities
In an effort to make meaningful utilisation of the funds under corporate social responsibility (CSR), the Odisha government decided to set up a state-level council as facilitating agency to help companies plan according to the development needs.
“A state-level council as a facilitating agency will help CSR planning of the corporate houses in line with development needs of the state,” Chief Secretary AP Padhi said while presiding over a meeting attended by representatives of corporate houses, industry associations and chambers of commerce.
Participants welcomed the proposal.
Industries Secretary Sanjeev Chopra said it would only facilitate the CSR spending by the companies and help them report on developmental outcomes. Such coordinated approach would lead to target oriented utilisation of CSR funds, he said.
According to the existing provisions of the law, companies with a net worth of Rs 500 crore or more or turnover of Rs 1,000 crore or more or with a net profit of Rs 5 crore or more, have to spend at least 2% of their average net profit on CSR activities.
Officials said around 287 corporate houses have spent about Rs 344 crore in CSR activities during 2014-15.
Out of this, Rs 96.15 crore has been spent on infrastructure development, Rs 71.93 crore on education, Rs 51.23 crore on health, Rs 40.57 crore on environmental protection, Rs 29.06 crore on livelihood promotion, Rs 11.55 crore on vocational training and Rs 44.16 crore on other CSR activities in the state.
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