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President Kovind suggests more social welfare spending by companies for orphans, disabled people

Under the Act, certain class of profitable companies are required to shell out at least two per cent of their three-year average annual net profit towards CSR activities in a particular financial year.

PTI|
Oct 29, 2019, 02.29 PM IST
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Since 2014-15, companies have spent more than Rs 10,000 crore every year, the President said.
President Ram Nath Kovind on Tuesday suggested companies to look at ways to contribute more towards social welfare spending for orphans and disabled people. He also said that innovative solutions can be found through corporate social responsibility (CSR) activities for persisting challenges of development.

Speaking at the first National CSR Awards ceremony here, he emphasised that respect is received by donating wealth and not by storing wealth.

The CSR provisions under the Companies Act, 2013 came into force from April 1, 2014.

Under the Act, certain class of profitable companies are required to shell out at least two per cent of their three-year average annual net profit towards CSR activities in a particular financial year.

Since 2014-15, companies have spent more than Rs 10,000 crore every year, the president said.

According to him, there are resources, the will and the framework to spend on social welfare activities.

"Whom shall we help more...," he asked and suggested that ways can be looked at spending more for orphans and Divyaang (disable people).

Every orphan could get personal care by 2030, Kovind said, adding that he was giving food for thought and action.

From now onwards, National CSR awards would be conferred every year on October 2.

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