Companies to get free hand on CSR -Governance Now

Companies to get free hand on CSR

Sachin Pilot assures industries that the government would not apply any rules on CSR

GN Bureau | October 1, 2013

Minister for corporate affairs Sachin Pilot says that the new policy on corporate social responsibility (CSR) would benefit both the community and organizations. He emphasized that the government was keen to adopt a very flexible approach and industry would be free to choose programmes and strategies best aligned to their corporate philosophy and businesses.

Pilot was addressing the national summit on ‘Embedding CSR into Business Strategy’ on September 30, organized by CII in partnership with the National Foundation for Corporate Governance (NFCG) in Delhi.

The inclusion of clause 135 in the recently passed companies bill 2012 makes CSR a core function within industry and emphasizes the role of the corporate sector beyond profit.

Pilot assured industry that the government would not apply any rules with retrospective effect. He also promised industry to take up the request that the CSR spend be given a tax break with the finance ministry.

M J Joseph, additional secretary, ministry of corporate affairs said that when it came to embedding CSR into business strategy, the execution and mainstreaming of strategy was of paramount importance. He also urged industry members to give suggestions on the subject to the government.

The summit saw participation from all stakeholders. In monetary terms, it is estimated that the new provision will lead to anything from 19,000 to around Rs 25,000 crores annually. This money could make a significant difference if the proper delivery systems are put in place to translate them into meaningful programmes to reach out the communities.

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