Indian companies may have to spend around US$ 2 billion a year on Corporate Social Responsibility (CSR) initiatives
Indian companies may have to collectively spend close to USD 2 billion (about Rs 8,700 crore) a year on CSR programmes if the government makes it mandatory for them to spend 2 per cent of profits on social responsibility programmes, according to a report.
The report further added that while PSU ONGC will need to spend Rs 449 crore on CSR, in Private sector, Reliance Industries may have to spend Rs 404 crore towards CSR, State bank of India will need to spend around Rs 214 crore in a year.
The report said that while the objective behind CSR is noble, proper system and procedures need to be implemented for effective usage of such massive amounts as there is always a risk of misuse of noble intentions.
Corporate Social Responsibility (CSR) is about managing your business to achieve both commercial and social benefit. In essence itís about managing your social, community and environmental impacts to help you improve results, reduce risks and enhance your reputation. But CSR has yet to take off in India and develop as a culture like it is in the western countries.
Banknet Group assists in CSR initiatives of companies. Our CSR activities revolve around the enlightenment of self interest with the employees, social investments, transparency and trust within the company and on the public front, and increase the public expectations of business globally. We ensure the marketability of the CSR from the organizational front.
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