Friday February 22, 2019
Home India CSR norms cov...

CSR norms cover 16,500 companies

0
//

Mumbai: As many as 16,500 companies in India fall under the purview of mandatory corporate social responsibility (CSR) norms, posing a challenge not only for those engaging in such causes for the first time but also others in terms of effective implementation and reporting, experts maintain. Lesson7_CSR_logo2

“Companies have good intention to spend on CSR but are not able to manage the entire CSR lifecycle,” said Parul Soni, global managing partner with Thinkthrough Consulting Global, which specialises in social development initiatives.

“They are unable to find good implementing partners — those who are able to understand the vision of the company,” Soni told a seminar co-hosted by the National HRD Network (NHRDN) and Thinkthrough Consulting.

“There is an immediate need to develop the capacity of the implementing partners across different domains so that they can sustainably implement the CSR vision of the company.”

Stakeholders told the seminar that despite India emerging as one of the fast-growing economies, millions of Indians still live in abject poverty, putting the corporate sector under severe scrutiny due to such uneven development.

With Section 135 of the Companies Act, 2013 laying down the rules for CSR, the seminar focused on “From Act to Action” towards better implementation of the mandate given to the corporate sector, as also to prepare a blueprint for the road ahead.

“CSR needs to focus on issues related to women empowerment, child nutrition. We say our children are the future of this country! Let’s collectively make an effort to keep our future well nourished at an early age, as most of their growth happens during the first few years,” Lalitha Kumarmangalam, chairperson of National Commission for Women, said.

“Also let’s rise & contribute towards the women empowerment by ensuring financial independence, instilling soft skills and by making them technology savvy,” she added.

Most NGOs or foundations for social welfare, are run by people with good intentions but the lack of execution and insufficient co-ordination with the corporates is not getting them the respect they deserve, K Ramkumar, national president NHRDN and executive director ICICI Bank said.

“It is this mismatch which is making the funds fall through the cracks.”

(IANS)

Next Story

Prime Minister Narendra Modi Stern On Intensifying India-Korea Economic Relations

India features among the top 10 trade partners of South Korea and is the sixth largest export destination for S Korean goods with the trade volume reaching $21.5 billion in 2018. 

0
agreement
Noting that this was his third interaction with the Korean business leaders in 12 months, Modi said: "Negotiations to upgrade the comprehensive economic partnership agreement (CEPA) have been fast-tracked to achieve the bilateral trade target of $50 billion." Pixabay

Making a call to intensify the India-Korea economic relations, Prime Minister Narendra Modi here on Thursday urged more Korean businesses to turn their attention towards India.

“I wish to see more and more Korean businesses turning their attention to India,” Modi said.

Addressing the India-Korea Business Symposium, Modi who is on a two-day official visit to South Korea, said India has become one of the most open countries for foreign direct investment (FDI), recording $250 billion inflow in the past four years.

India
Highlighting the sound fundamentals and that the Indian economy is on its way to become a $5 trillion economy soon, Modi said no other large economy in the world has grown at 7 per cent year after year.
Pixabay

Noting that this was his third interaction with the Korean business leaders in 12 months, Modi said: “Negotiations to upgrade the comprehensive economic partnership agreement (CEPA) have been fast-tracked to achieve the bilateral trade target of $50 billion.”

India features among the top 10 trade partners of South Korea and is the sixth largest export destination for S Korean goods with the trade volume reaching $21.5 billion in 2018.

Money
Trade Groups Claim, American’s Detention Is A Potential Moment For Russia. Pixabay

“Not just trade, in terms of investment also we are seeing a positive turn. Korean investments into India have reached a cumulative figure of almost $6 billion,” the Prime Minister said.

Noting that the South Korean National IT Industry Promotion Agency (NIPA) has opened its India office in Bengaluru to facilitate Korean startups in India, the Prime Minister said both the countries have decided to set up a future strategy group (FSG) and a centre for research and innovation cooperation.
Also Read: Trade Groups Claim, American’s Detention Is A Potential Moment For Russia
Highlighting the sound fundamentals and that the Indian economy is on its way to become a $5 trillion economy soon, Modi said no other large economy in the world has grown at 7 per cent year after year.

India, he said, has jumped to the 77th spot on the World Bank’s “ease of doing business” rankings on the back of reforms and is determined to break into the top 50 next year. (IANS)