CORPORATE SOCIAL RESPONSIBILITY

government-clarifies:-it-won’t-use-csr-funds-for-projects

Government clarifies: It won’t use CSR funds for projects

Corporate Social Responsibility (CSR) funding in India still needs to be properly utilized with the government denying using this funds for its projects. Corporate can now count contributions towards designated technology incubators and contributions to public funded universities, Indian Institutes of Technologies, national laboratories and autonomous bodies engaged in research as part of their CSR expenditure.

Public sector firms spent Rs 2,553.36 crore towards corporate social responsibility expenditure in 2017-18, down 22.5 per cent from Rs 3,296 crore in the previous fiscal, Union minister of state for finance and corporate affairs Anurag Singh Thakur said. The FY17 number itself was 21.8 per cent less than state-run companies’ CSR spend in the previous year.

CSR expenditure by private sector companies increased 7.42 per cent during the same time period, from Rs 10,302.50 crore in 2015-16 to Rs 11,067 crore in 2017-18. The minister has also clarified that there was currently no provision requiring companies to mandatorily geo-tag their CSR projects. The board of directors of a company was empowered to decide on CSR expenditure to be undertaken and to monitor CSR activities.

 

20 Nov 2019
presidents-confers-first-csr-awards

Presidents confers first CSR awards

For the outstanding contribution in the area of CSR, President of India Ram Nath Kovind has conferred first National CSR Awards to various companies. Power Grid Corporation of India has been given the award for excellent services in the category of above Rs 100 crore CSR spend. Total 38 awards were given.

Mahindra and Mahindra got the award for Rs 10 to Rs 100 crore spend, Edelweiss Financial Services Limited for Rs 1 to Rs 10 crore spend and Paranjape Autocast Pvt. Ltd for less than Rs 1 crore spend. Speaking on the occasion of the awards ceremony in New Delhi, the President said, it is important to internalise social welfare in the corporate culture and the companies has shown that it is possible to be profitable while being socially and environmentally responsible.

He commended efforts of the Union ministry of corporate affairs for initiating the National CSR Awards in the 150th birth anniversary year of Mahatma Gandhi. These awards will be conferred every year on October 2.

Kovind said that many illustrious business families like Tata, Birla, Bajaj and many others associated with freedom struggle were sensitive to their social responsibilities. Gandhi ji developed the principle of trusteeship on the basis of the generosity of industrialists associated with him. He further said that every fiscal year since 2014-15, the corporate sector has set aside more than Rs. 10,000 crore for social welfare and various social sectors like education, environment, health, poverty eradication, sanitation and safe drinking water have benefitted from this effort.

India has been consistently improving its rank in ease of doing business indicator by the efforts of the government and the government is also sensitive about the need to calibrate the CSR regime to make it more effective. Mentioning a quote, the president said, respect is achieved by donating the wealth not by storing it, clouds attain a higher position by giving away water whereas the oceans remain at a lower position by storing water.

29 Oct 2019
government-clarifies:-it-won’t-use-csr-funds-for-projects

Government clarifies: It won’t use CSR funds for projects

By IndianMandarins 20 Nov 2019

Corporate Social Responsibility (CSR) funding in India still needs to be properly utilized with the government denying using this funds for its projects. Corporate can now count contributions towards designated technology incubators and contributions to public funded universities, Indian Institutes of Technologies, national laboratories and autonomous bodies engaged in research as part of their CSR expenditure.

Public sector firms spent Rs 2,553.36 crore towards corporate social responsibility expenditure in 2017-18, down 22.5 per cent from Rs 3,296 crore in the previous fiscal, Union minister of state for finance and corporate affairs Anurag Singh Thakur said. The FY17 number itself was 21.8 per cent less than state-run companies’ CSR spend in the previous year.

CSR expenditure by private sector companies increased 7.42 per cent during the same time period, from Rs 10,302.50 crore in 2015-16 to Rs 11,067 crore in 2017-18. The minister has also clarified that there was currently no provision requiring companies to mandatorily geo-tag their CSR projects. The board of directors of a company was empowered to decide on CSR expenditure to be undertaken and to monitor CSR activities.

 

presidents-confers-first-csr-awards

Presidents confers first CSR awards

By IndianMandarins 29 Oct 2019

For the outstanding contribution in the area of CSR, President of India Ram Nath Kovind has conferred first National CSR Awards to various companies. Power Grid Corporation of India has been given the award for excellent services in the category of above Rs 100 crore CSR spend. Total 38 awards were given.

Mahindra and Mahindra got the award for Rs 10 to Rs 100 crore spend, Edelweiss Financial Services Limited for Rs 1 to Rs 10 crore spend and Paranjape Autocast Pvt. Ltd for less than Rs 1 crore spend. Speaking on the occasion of the awards ceremony in New Delhi, the President said, it is important to internalise social welfare in the corporate culture and the companies has shown that it is possible to be profitable while being socially and environmentally responsible.

He commended efforts of the Union ministry of corporate affairs for initiating the National CSR Awards in the 150th birth anniversary year of Mahatma Gandhi. These awards will be conferred every year on October 2.

Kovind said that many illustrious business families like Tata, Birla, Bajaj and many others associated with freedom struggle were sensitive to their social responsibilities. Gandhi ji developed the principle of trusteeship on the basis of the generosity of industrialists associated with him. He further said that every fiscal year since 2014-15, the corporate sector has set aside more than Rs. 10,000 crore for social welfare and various social sectors like education, environment, health, poverty eradication, sanitation and safe drinking water have benefitted from this effort.

India has been consistently improving its rank in ease of doing business indicator by the efforts of the government and the government is also sensitive about the need to calibrate the CSR regime to make it more effective. Mentioning a quote, the president said, respect is achieved by donating the wealth not by storing it, clouds attain a higher position by giving away water whereas the oceans remain at a lower position by storing water.

ircon-provides-an-ambulance-under-csr-initiative

IRCON provides an Ambulance under CSR initiative

By IndianMandarins 08 Apr 2019

Ircon International Ltd. (IRCON) has provided an ambulance on March 30, 2019  at Government Hospital of Phalodi town of Jodhpur, Rajasthan under one of its CSR initiatives. The ambulance is equipped with facilities like nebulizer, BP machine, glucometer, suction machine, and oxygen cylinder, etc. The ambulance will further strengthen the health services in the area by providing emergency assistance to common people. IRCON has recently completed the widening and strengthening of existing Bikaner-Phalodi section of NH-15 on BOT (Toll) basis.

hudco-registers-87%-growth-in-disbursements-in-fy-2018-19

HUDCO registers 87% growth in disbursements in FY 2018-19

By IndianMandarins 03 Apr 2019

HUDCO CMD, Dr M Ravi Kanth, has said that the during 2018-19, the company sanctioned a total of 20.6 lakh dwelling units those in the EWS and LIG categories involving the disbursement of Rs. 31,010 crores, representing a growth of 87% over the previous year’s disbursements of 16,565 crores. 

 

He said HUDCO became a listed company in 2017 and has maintained its AAA rating for the third consecutive year. As of December 2018, HUDCO’s gross NPA stood at 5.82% and net NPA at 0.80%, which is among the lowest in the sector. HUDCO is expected to get Excellent rating for the eighth year in a row, for the tripartite MoU signed by HUDCO with MoHUPA and DPE for the year 2018-19.

 

Dr. Kanth pointed out that since inception, the company has financed over 17,100 housing and infrastructure projects with a cumulative sanction of Rs. 2,01,931 crore and disbursements of Rs.1,66,175 crore. HUDCO has supported more than 19.34 million houses in the country, both in rural and urban areas, thus making it the largest facilitator of housing delivery in the country.

 

HUDCO has also been consistently working to accelerate the pace of providing quality urban infrastructure in the country over the decades by financing over 2,200 infrastructure projects, covering utility, social and commercial infrastructure. Major infrastructure projects sanctioned include a line of credit of Rs. 2175.30 crore to Odisha Urban infrastructure Fund Board for stormwater/drainage works in five cities of Odisha and financial assistance of Rs. 200 crore to Agartala Smart City Ltd.

 

HUDCO has been identified as one of the Central Nodal Agencies (CNA) to channelize the subsidy under the Credit-Linked Subsidy Scheme of Housing for All (Urban) Programme under the Pradhan Mantri Awas Yojana. As CNA, HUDCO has executed MoU with 86 Banks/ Prime Lending Institutions (PLIs) for EWS/LIG category and with 80 Banks/PLIs for MIG-I and MIG-II. It has disbursed Rs.318.03 crore as CLSS subsidy to EWS/LIG 14825 beneficiaries and Rs.86.33 Crore as CLSS subsidy to 4215 MIG beneficiaries till 31-03-2019.

 

During 2018-19, the company disbursed Rs.260.99 crore CLSS subsidy to 11738 EWS/LIG beneficiaries and Rs.80.96 crore CLSS subsidy to 3937 MIG category beneficiaries, through its Retail Finance Window i.e. HUDCO Niwas.

 

As part of its capacity-building efforts, HUDCO conducted five research studies and 16 training programmes, including three International training programme for professionals under the ITEC programmes of the Ministry of External Affairs.

 

The annual HUDCO Design Awards, which give recognition and encourage innovative ideas of architects, town planners, and engineers that make cities inclusive, liveable and environmentally sustainable, were given to seventeen awardees under five categories.

 

In line with the thrust areas identified in its Corporate Social Responsibility (CSR) and Sustainability Policy, HUDCO has sanctioned assistance of Rs. 9.30 crore for socially beneficial proposals all over the country, such as sanitation, education and healthcare, renewable energy solutions, employment-oriented skill training programmes and rehabilitation housing for flood victims in Kerala.

cpses-spend-rs-10,806.92-crs-in-csr-projects-in-03-yrs

CPSEs spend Rs 10,806.92 crs in CSR projects in 03 yrs

By IndianMandarins 27 Dec 2018

384 CPSEs invested Rs 10,806.92 crore in corporate social responsibility (CSR) activities and projects from FY 16 to 18 in accordance with CSR Policy Rules 2014.

 

According to official data, 106 CPSEs spent Rs 4028.04 crore in 2015-16, 126 PSUs Rs 3,336.50 crore in 2016-17 and 152 enterprises Rs 3,442.38 crore in 2017-18 in CSR activities.


As per CSR provisions of the Companies Act, 2013, CPSEs take up CSR activities on the recommendations of their CSR Committees constituted with the approval of boards of respective CPSEs. All CPSEs are mandated to implement such activities and projects out of the activities listed in the Companies Act, 2013 in pursuance of their CSR policy as notified by the ministry of corporate affairs in companies (CSR Policy) rules, 2014. The department of public enterprises (DPE) is the nodal department for CPSEs but it does not have any CPSE under its direct administrative control.

govt-forms-panel-to-review-csr-framework-under-companies-law

Govt forms panel to review CSR framework under companies law

By IndianMandarins 30 Sep 2018

A high-level panel, headed by Corporate Affairs Secretary Injeti Srinivas, will review the existing framework for Corporate Social Responsibility (CSR) activities under the companies law. Additional Solicitor General P S Narasimha, Tata Sons Chairman N Chandrasekaran, Arjuna awardee Prakash Padukone and Chairman or representative of markets regulator SEBI are part of the 11-member committee. Certain class of profitable entities are required to shell out at least two per cent of their three-year average annual net profit towards CSR activities under the Companies Act, 2013. The provision came into force from April 1, 2014. The panel would review the existing framework and guide and formulate the road map for a coherent policy on CSR. The release said the committee would "analyse outcomes of CSR activities/ programmes/ projects and suggest measures for effective monitoring and evaluation of CSR by companies. Suggestions are also expected on innovative solutions, use of technology, platform to connect stakeholders, and social audit," the release said.


According to the Corporate Affairs Ministry, which is implementing the Companies Act, the four years of implementation have enabled compilation of data on the number of companies complying with CSR provisions, funds allocated and spent across various sectors, and geographical spread of CSR spending, among others. "Experience has also been gained on the quantum, outreach and impact of CSR (which is estimated to be around Rs 38,000 crore up to FY 2016-17) and immense feedback has been received on how CSR provisions can be leveraged to have larger and more impactful outcomes," the release said.


Bain Capital Private Equity's MD Amit Chandra, Helpage India CEO Mathew Cherian, IIM-A Professor Anil K Gupta, Director General of the Indian Institute of Corporate Affairs (IICA), consultant S Santhanakrishnan and a Joint Secretary from the ministry are also part of the panel. The committee would submit its report within three months from the date of holding its first meeting, the release said.

arunachal-cm-creates-corpus-for-poor-upsc-aspirants

Arunachal CM creates corpus for poor UPSC aspirants

By IndianMandarins 12 Aug 2018

Arunachal Pradesh government led by Chief Minister Pema Khandu has taken decisive measure for bright students pursuing civil service examination. Under his supervision, the Education Minister signed a Memorandum of Understanding (MoU) with Helping Hands NGO to encourage poor students to prepare for UPSC examination. This move will help empower bright students of Arunachal Pradesh to pursue their dream for civil service examination.


Encouraged by this scheme, Robin Hibu (IPS), mentor of Helping Hands NGO, plans to appeal to all the CMs of North Eastern states to make a similar arrangement for UPSC aspirants.

 

Normally, the successful candidates who crack UPSC examination are rewarded with money or cash prize. After clearing UPSC examination, these youths become class one officer, and then, giving them cash reward serves no purpose. In fact, poor students keep struggling for books, fees, rent, coaching fee, journey expenditure while toiling hard for UPSC examination.

 

So Khandu took a new initiative to motivate the youth and support them while preparing for civil service examination. An MOU was signed on August 09 at Itanagar with Education Minister of Hanchum Ngandam, Helping Hands NGO represented by Habung Lampung (APCS), and ALS IAS Institute (represented by Country Sales head Prateek Bhattacharjee). The government has created a corpus of Rs thirty lakh to start the coaching for bright students.

 

OSD in the higher education department Zoram Motu and OSD in the agriculture department Charu Tapio also contributed to expedite the MoU process.

 

In order to encourage the students, ALS IAS Institute led by Jojo Mathew and Manish Gautam have declared one crore special scholarship for Arunachal poor bright UPSC aspirants from their CSR fund.

 

All those who cracked UPSC in the past like Mithali Namchoom, Padi Tatung, Bullo Mamung, Tadu Mamung, who all are a product of ALS IAS Institute, may see many more bright students to follow their line and realize their ambition.

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Indianmandarins.com, an initiative of New Media Network, is a multi-media initiative for the fast and real-time dissemination of news and information related to civil services, central PSUs and other institutions that play a critical role in governance, administration, corporate governance, and public life in India. We aspire to provide our esteemed readers with news breaks and situation analysis in the above-mentioned domain of operations. Currently, we are available at www.indianmandarins.com. We are now planning to branch off into print publication and few other related business initiatives.