What is Corporate Social Responsibility?

What is Corporate Social Responsibility and how much does it cost in India?

Corporate social responsibility directly means to tell companies about their social responsibility. The rules of Corporate Social Responsibility (CSR) in India are applicable from April 1, 2014. According to this, companies whose annual net worth is 500 crores or annual income of 1000 crores or annual profit of 5 crores, then they are required to spend on CSR. This expense should be at least 2% of the average profit for three years.

What is Corporate Social Responsibility Meaning: -

As we know companies use natural resources to create a product, promote pollution and fill their pockets; But various people living in the society have to bear the loss of this bad pollution; Because of the productive activities of these companies, they have to use polluted air and water. But these affected people are not given any direct compensation on behalf of the companies. For this reason, it has been made compulsory for companies all over the world, including India, to do some part of their income for the welfare of the people due to which they have been inconvenienced. This is called Corporate Social Responsibility (CSR). 

Who comes under the ambit of Corporate Social Responsibility in India?

The rules of Corporate Social Responsibility (CSR) in India are applicable from April 1, 2014. According to this, companies whose annual net worth is 500 crores or annual income of 1000 crores or annual profit of 5 crores, then they are required to spend on CSR. This expense should be at least 2% of the average profit for three years. As per the CSR rules, the provisions of CSR do not only apply to Indian companies, but also to the branch of a foreign company in India and the project office of a foreign company.

C.S.R. What activities can be done in

C.S.R. Under this, companies are obliged to participate in activities that are necessary for the welfare of the backward or marginalized sections of the society.

It includes the following activities:

1. End hunger, poverty and malnutrition

2. Promoting education

3. Improve maternal and child health

4. Ensuring environmental sustainability

5. Measures for the benefit of the armed forces

6. Promoting sports activities

7. Protection of National Heritage

8. Prime Minister's contribution to national relief

9. Development of slum area

10. Construction of toilets in schools

How much are companies spending on CSR in India?

According to the data of the Ministry of Company Affairs, Rs 9822 crore was spent on CSR activities in 2015-16, which is 11.5% higher than the previous year. The report for the year 2015-16 includes 5097 companies, out of which only 2690 spent on CSR activities. The top 10 spent Rs 3207 crore on this head, which is 33% of the total expenditure.

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