Spending 2% on CSR helps create bridge between society, corporates: Prabhu

By PTI  
Tuesday, May 29, 2018

New Delhi, May 29 (PTI) The law

under which companies are required to spend two per cent of their profit towards CSR activities provides an "excellent legal framework" to create a bridge between society and corporates, Commerce and Industry Minister Suresh Prabhu today said.

Under the Companies Act, 2013, certain class of profitable entities are required to shell out at least two per cent of their three-year annual average net profit towards corporate social responsibility (CSR) activities.

He said that India is probably the only country in the world with such a framework.

Corporates that are spending two per cent in CSR activities win goodwill for the industry and "no corporate can ever do good business if it does not enjoy the goodwill of the society," he said here at a function on promoting scientific interventions for transforming India through CSR?.

He, however, added that this a challenge for businesses to engage in social development activities.

In 2016-17, as many as 6,286 companies incurred CSR expenditure of Rs 4,719 crore, as per official data. PTI RR ANS ANS

Related Stories

Amitabh Bachchan's 'Jhund' to release on September 20
Amitabh Bachchan's 'Jhund' to release on September 20
HDFC ERGO Launches The First-of-its-kind ?Trip Protector? Policy
HDFC ERGO Launches The First-of-its-kind ?Trip Protector? Policy
Guar gum futures up on strong export demand
Guar gum futures up on strong export demand

Latest Stories

Flipkart Mobile Bonanza sale starts from today, get discounts on Redmi Note 6 Pro, Galaxy S8, Poco F1
Flipkart Mobile Bonanza sale starts from today, get discounts on Redmi Note 6 Pro, Galaxy S8, Poco F1
Maruti Suzuki's Vitara Brezza sells 4 lakh units in less than 3 years
Maruti Suzuki's Vitara Brezza sells 4 lakh units in less than 3 years
Real estate tops bankruptcy chart; construction, metals and textiles follow
Real estate tops bankruptcy chart; construction, metals and textiles follow
SPONSORED