President Ram Nath Kovind stated, every fiscal year since 2014-15, the corporate sector has set aside over Rs 10,000 crore (US$ 1.43 billion) towards the corporate social responsibility. He added that the companies act was amended in 2013-14 made it mandatory for companies with over certain profit levels to spend 2 per cent of it on social welfare.
On Tuesday, he gave away the first CSR award which is instituted by the Corporate Affairs Ministry.
Over the last 5 years, companies have contributed more than Rs 50,000 crore (US$ 7.15 billion) towards the CSR (Corporate Social Responsibilities) activities, said Mr. Anurag Thakur, MoS Finance.
Corporate affairs secretary Injeti Srinivas also said that on social welfare activities companies have spent Rs 50,000 crore (US$ 7.15 billion) cumulatively over the last 5 years.
Source: IBEf
Image Courtesy: FGS
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