Corporate Social Responsibility is a transformational initiative or activity practised by Indian corporations. Mandated by the government, it is a positive step towards collective upliftment and well-being of the community. The CSR activities in India need to be in alignment with the socio-economic development of the society in some way or the other. The definition of CSR activities is as follows: Programs or projects which are relating to activities specified in the Schedule 7; or Programs or projects which relating to activities that are undertaken by the Board in that have been recommendations of the CSR Committee as per the declared CSR policy.
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Corporate Social Responsibility is a transformational initiative or activity practised by Indian corporations. Mandated by the government, it is a positive step towards collective upliftment and well-being of the community. The CSR activities in India need to be in alignment with the socio-economic development of the society in some way or the other.
The definition of CSR activities is as follows: Programs or projects which are relating to activities specified in the Schedule 7; or Programs or projects which relating to activities that are undertaken by the Board in that have been recommendations of the CSR Committee as per the declared CSR policy. This would be subject to the condition that such policy covers subjects enumerated in the Schedule.
This definition of CSR suggests that it allows companies to engage in projects or programs relating to activities enlisted under the Schedule. While qualifying listed companies must engage in CSR activities in India, flexibility has been given to the company and CSR committee to decide which areas of development they want to contribute in. The activities taken up must be compulsorily displayed on the company website if any.
India is the first country to make the incorporation of Corporate Social Responsibility activities mandatory for qualifying companies. It is, for sure, a remarkable step towards growth, overall development and humanity. Be it a private sector company or a public sector company, Corporate Social Responsibility CSR has to be adhered to by all listed companies.
If a company falls in either of the following criteria for compulsion, they need to form a CSR committee. Companies: That has a net worth of Rs.
During any financial year, if any of the above financial strength criteria are met then the rules of Section apply. Prior to the compulsion of the Corporate Social Responsibility clause, CSR activities in India were voluntary for the listed companies.
However, it was mandatory for them to disclose their CSR spending to their shareholders. Under the Companies Act, the preference has to be given to local areas in which the company operates. Mandatorily, a CSR committee has to be formed by the qualifying company. It also has to appoint at least 3 Board of Directors Board. They would also suggest and protect the amount of expenditure to be incurred on the activities referred. Monitor the implementation of CSR Policy and activity is also their job.
Ensuring that the CSR plan gets implemented in its entirety. Full disclosure of the spends and plan of CSR policies which are related to its report.
Displaying the same on the company website. Making sure that specified amount allotted is being spent by the company in CSR activities. Types of CSR activities under Schedule VII of the Companies Act The following are the types of CSR activities in India that the qualifying listed companies under the Companies Act can contribute to: i Eradicating hunger, poverty and malnutrition This can be done by promoting health care and sanitation in rural areas.
This can also be a contribution to the Swach Bharat Kosh which has been set-up by the Central Government. Women empowerment programmes can be launched by setting up affordable hostels for women.
Establishing old age homes, daycare centres and other facilities for senior citizens is another option. Orphanages can also be set up and managed by the CSR committee. Activities that help in maintaining the ecological balance, protection of flora and fauna, promote animal welfare, conservation of natural resources and maintaining quality of soil, air and water including contribution to the Clean Ganga Fund set-up by the Central Government.
Public libraries can be set up as well. CSR activities of companies in India Indian companies were always very generous when it came to voluntary contributions to social welfare. But since it has been made compulsory, more impactful steps have been taken up. The power and energy sector contributed over crores, The sector of banking and financial services contributed crores while the IT Industry generated about crores for the corporate social responsibilities.
As of , about companies have been listed as CSR contributors for the country. Contributions were majorly towards two sectors — health and education. About Rs 3, crore were spent as CSR in the last financial year in those two areas of development. They have also supported empowered about women members through self — help groups. This initiative provides financial aid and loans for housing, purchasing cattle, capital for business, education, marriage and medical purposes.
Infosys Infosys is one of the early adopters of Corporate Social Responsibility. They have takes up projects like the restoration of water bodies in Karnataka and metro station construction in partnership with Bangalore Metro Rail Corporation Limited. Also, they are making a contribution in Sports through their GoSports Foundation. Reliance Reliance has taken up the initiative of securing the life of villagers of Balangir district.
They have a life insurance programme for them. They work to protect the right to education of underprivileged children, girl-child and differently-abled. They also contribute to disaster relief funds. Tata steel Tata Steel , for the last years, has been committed to the social development and upliftment of Jharkhand. The agenda of their CSR committee is to improve the quality of life of the communities it operates in.
They have done numerous done AIDS awareness programmes. Amul Over the years, Amul has contributed to rural health and development through Tribhuvandas Foundation. They have also established Swarnjayanti Gram Swarozgar Yojana, a holistic self-employment programme in Kheda district. They also successfully run tree plantation drives, blood donation camps and rural sanitation programmes. They also provide scholarships through their Amul Scholar schemes.
Cafe Coffee Day The beloved coffee shop, Cafe Coffee Day , employs 50 speech and hearing impaired people at their various outlets as staff. They do this as a part of their CSR activity as a move towards equal employment. THE Shiksha initiative has, till date, helped about , underprivileged children to get access to their right to education.
Wipro Wipro makes its contribution to education and upliftment through Wipro Care. Not just education, Wipro addresses disaster relief and rehabilitation and health and wellness programmes for the needy as well through Wipro Care. They have also launched Wipro Eye that promotes ecological sustainability in its operations. Initiated in the interest of educating children of construction workers, Swapana Sarthak Informal School was established.
For companies, it is also a powerful statement through which they convey what they stand for. It helps its employees, people and the company itself contribute to something that is bigger than its own needs.
CSR also gives employees a sense of belonging. It strengthens the bond among employees and attachment towards the organization as well. Corporate social responsibility goes a long way in creating a positive word of mouth around the organization as a whole. It plays a great role in making brand publicity. When people hear about CSR activities by a company, they intuitively develop a positive feeling for the brand.
They tend to lean towards brands that take a stand. It is a huge contribution and brings about a big change towards the welfare of society and the development of the country. Help companies generate more revenue through digital marketing and branding.
Tag: CSR of Amul
The project envisages encouraging the farmers to use high yielding animals and modern aids to increase milk production. The Union provides technical support to milk producers on Scientific Animal Husbandry practices and also facilitates loan disbursement from banks to the needy by guaranteeing the loan repayment on behalf of farmers. The Dairy Demonstration Farm is generating overwhelming interest in milk producer members because of its success and viability. So far, under various schemes, thousands of farmers are covered to increase the cattle holding size from small to medium size Tree Plantation In , the unfair trade practises of the middle men brought the farmers of Kaira to unite and fight against this system which brought Amul into existence.
List of CSR Activities in India of Indian Companies
Inspired by the great success of round the clock health care services to the livestock of dairy farmers of Kaira, Shri Tribhuvandas Patel, the Founder Chairman of Amul felt the need of such a service to the rural populace too as he could learn and experience the afflictions brought to them by absence of medical services in rural villages of Kaira. He donated the prize money of his Ramon Magsaysay Award and the fund he received from kaira farmers on his retirement, for his life time service to them, to set up this Foundation. Kurien also played an active role in this set up. The Foundation derives its uniqueness from the fact that it is a need-based programme for villagers and is run by the villagers themselves. It fulfills the basic health care needs of the villages. Apart from providing primary treatment for various common ailments, the Foundation is also actively involved in promoting preventive health practices.