Fiinovation - CSR in India- Dawn of a New Era
An important day in the history of CSR in India, a day for the New Companies Bill with its provisions validated. 1st April, 2014 is all set to witness the paradigm shift that has helped transform CSR from mere charity to strategy.
Online, April 17, 2014 (Newswire.com) - An important day in the history of CSR in India, a day for the New Companies Bill with its provisions validated. 1st April, 2014 is all set to witness the paradigm shift that has helped transform CSR from mere charity to strategy.
16,000 companies are set to release their corporate social responsibility (CSR) which accounts for spending 2% of their profits. An estimated Rs 20,000 crore along with substantial technical expertise is expected to flow into the social sector.
On being asked about CSR, Bhaskar Chatterjee, DG & CEO, Indian Institute of Corporate Affair, viewed it as 'a leap of faith for India which has become the first country to legislate CSR'.
A landmark day which is a game changer is intended to further the creativity and imagination of the corporate houses. Aimed to provide 'great flexibility to business and industry for strategizing and conducting their CSR initiatives. It will actually enhance their efforts, provide an even broader platform and re-energize their efforts.", says Dr. Bhaskar Chatterjee.
Considering the immediate effective date of April 1, 2014, complying to timelines is a concern for the corporate. However, on being asked on the way forward 'research, reporting and sustainability that is inside out' is recommended by S. Chakraborty , Fiinovation.
Speaking of the moment as a 'tidal wave of opportunity and a challenge' Ravi Venkatesan stresses on the strategic employment of CSR for corporate houses which need to utilize it as a platform to 'build corporate reputation and trust'. Graduating from cheque book philanthropy to impact investing, suggested Venkatesan. the way forward must look at viewing CSR not as an onerous imposition and a 2% tax, but as a 2% investment in building corporate reputation, employee engagement and innovation.
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