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Corporate Social Responsibility

Corporate social responsibility is the commitment of businesses to contribute to sustainable economic development by working with employees, their families, the local community and society at large, to improve their lives in ways that are good for business and for development.” Businesses are an integral part of society, and have a critical & active role to play in the sustenance and improvement of healthy ecosystems, in fostering social inclusiveness and equity, and in upholding the essentials of ethical practices and good governance. This also makes business sense as companies with effective CSR, have image of socially responsible companies, achieve sustainable growth in their operations  in the long run and their products and services are preferred by the customers.
Indian Companies Act 2013 Section 135 lists that every company (Public, Private, listed & unlisted) having net worth of rupees five hundred crore or more, or turnover of rupees one thousand crore or more or a net profit of rupees five crore or more during any financial year shall constitute a Corporate Social Responsibility Committee of the board . The board shall ensure that the company spends , in every financial year, at least two percent of the average net profits of the company made during the three immediate preceding financial years, in pursuance of its Corporate Social Responsibility Policy .
Companies Act , schedule VII  lists  following ten categories that constitutes CSR :

  • Eradicating hunger, poverty & malnutrition, promoting preventive health care & sanitation and making available safe drinking water;
  • Promoting education including employment enhancing vocations skills;
  • Promoting gender equality, empowering women;
  • Ensuring environmental sustainability, ecological balance ;
  • Protection of national heritage, alt & culture;
  • Measures for the benefit of armed forces veterans;
  • Training to promote specific sports;
  • Contribution to Central Govt.’s Relief fund;
  • Contributions to technology incubators located within academic institutions approved by Central Government;
  • Rural development Projects
  • In addition, Road Safety awareness  is also covered under the scheme.