'Big 500' corporates account for 90% CSR spend: Survey
Mumbai, July 4: The 'big 500' companies in India contribute the lion's share of more than 90 per cent of the total Corporate Social Responsibility (CSR) spends in India, and just 20 top corporations account for over 45 per cent, a new survey revealed on Wednesday.
In terms of the geographical beneficiaries, Maharashtra received the biggest chunk of the total CSR fund spent in the country, followed by Rajasthan, Karnataka and Gujarat and together they account for around one-third of the total funds.
However, the northeastern states of Nagaland, Meghalaya, Mizoram and Tripura, and the Union Territories have received the lowest CSR funding so far.
The survey on the CSR activities was conducted by CSRBOX and NGOBOX, which revealed that by March 2019, CSR spending will cross Rs 50,000 crore mark.
Similarly, the CSR compliance is also expected to improve and fall in the range of 97-98 per cent by net year 2019-2020, according to the survey, said CSRBOX-NGOBOX CEO Bhomik Shah.
"The research examined the CSR spending trend since the applicability of mandatory CSR with the Companies Act, 2103, for companies falling under certain criteria of annual profits or turnover or net worth. According to Ministry of Corporate Affairs, India has between 13,000-15,000 such companies," Shah said.
The survey looked into the prescribed CSR and actual CSR trends in the past four years and projected the number for the current fiscal's CSR spend by the 'Big 500' companies.
The research said that the 'Big 500' will spend over Rs 11,000 crore on social initiatives this year to comply with the CSR rules, Shah added.
The survey predicts that education will be the most favoured area of CSR activity in coming years, followed by skills development, which could be pumped in with Rs 15,000 crore CSR funds between 2014-2019.
Besides, healthcare, water and sanitation initiatives also received substantial CSR attention due to the 'Swachh Bharat Mission' and would receive Rs 14,000 crore by March 2019.
After analyzing CSR portfolios of companies in past four years, Shah said that an upward trend has been noticed for CSR compliance though the funding size for various initiatives is falling, suggesting that companies want to diversify their CSR activities.
"If the new recommendations by Sub-Legal Committee on CSR, constituted by the Ministry of Corporate Affairs in April 2018 are accepted by the government, then companies will not be allowed to carry forward the unspent CSR fund. This will boost the CSR compliance substantially," Shah pointed out.
He explained that in the past, corporates used to write out cheques for government-instituted funds when they lacked expertise on development issues, but the scenario is reversing now with the government taking their support to show impact on ground through CSR interventions and boost official programmes -- the real intention of making CSR mandatory.
"Mandatory CSR has made a lot of change in India's development landscape. It has gradually formalised the corporate philanthropy with emphasis on impacts on the ground. With an average Rs 12,000 crore funding annually, there is a lot that can be done in education, healthcare and rural development areas," said Shah.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Not having memorial for Manmohan Singh deliberate insult to India's 1st Sikh PM: Jairam Ramesh
New Delhi, Dec 27: The Congress on Friday said that not finding a location for the cremation and memorial for Manmohan Singh is a deliberate insult to the country's first Sikh prime minister.
The Congress raked up the issue after the Union home ministry said in a statement that Singh's last rites will be held at New Delhi's Nigambodh Ghat at 11:45 AM on Saturday with full state honours.
Congress general secretary Jairam Ramesh said party president Mallikarjun Kharge wrote to Prime Minister Narendra Modi, urging him to conduct Singh's last rites at a location where a memorial could be built to honour his legacy.
"The people of our country are simply unable to understand why the Government of India could not find a location for his cremation and memorial that is befitting of his global stature, record of outstanding achievements, and exemplary service to the nation for decades," Ramesh said in a post on X.
"This is nothing but a deliberate insult to the first Sikh Prime Minister of India, Dr. Manmohan Singh," the Congress leader said.
Kharge wrote the letter after speaking to Modi about setting up a memorial for Singh, who was a two-term prime minister revered by the people of the country.
"Apropos our telephonic conversation today morning, wherein I made a request to hold Dr Manmohan Singh's last rites, which will take place tomorrow i.e. 28th December 2024, at his final resting place that would be a sacrosanct venue for memorial of the great son of India.
"This is in keeping with such tradition of having memorials of statesmen and former Prime Ministers at the very place of their funerals," Kharge said in his two-page letter.
The Congress chief said Dr Manmohan Singh holds a highly revered place in the psyche of the country and the people of this nation, and his contributions and achievements were phenomenal.
He also said that Dr Singh's erudition on economic and fiscal matters came from his vast experience as the governor of the Reserve Bank of India, chief economic advisor to the government of India and in various other capacities in several organisations, and the respect and regard that world leaders had for him bears testimony to this fact.
Kharge said Singh's wise counsel, leadership and contribution in mitigating the global economic financial crisis is well-acknowledged. He also recalled President Obama's words when as the US president, he mentioned that "whenever the Indian prime minister speaks, the whole world listens to him".
He also said that when the nation was in the throes of a grave economic crisis, it was Dr Manmohan Singh, along with former prime minister P V Narasimha Rao, who took India out of the crisis and also led the country towards economic prosperity and stability.
The nation today reaps the benefits of the robust economic foundations built by them, Kharge noted.
"Coming from a humble background and having experienced the pains and sufferings of the Partition, it is through his sheer grit and determination that he rose to become one of the leading statesmen of the world. I hope and trust that befitting stature of Dr Manmohan Singh, request to have the funeral of Dr Singh at a place where his memorial can be built, will be acceded," Kharge said in the letter.
Congress Legislature Party leader in Punjab assembly Pratap Singh Bajwa also separately urged Prime Minister Modi to have Manmohan Singh's funeral at a place where a memorial could be built later in his honour.
"I urge Prime Minister @narendramodi to honour Dr Manmohan Singh, one of the most towering Sikhs of modern times, with a memorial befitting his immense contributions to our nation. Rising from humble beginnings in a historic state, representing a community that has always stood steadfast for India's unity and progress, Dr Singh's life is a testament to intellect, integrity, and selfless service," he posted on X.
Bajwa said Punjabis across faiths and political lines unite in their heartfelt plea to recognise this son of Punjab, who played an instrumental role in shaping India's destiny, with the respect he deserves.
Shiromani Akali Dal leader Sukhbir Singh Badal claimed the Centre has "declined" the request of Manmohan Singh's family for performing the funeral and last rites at a place where an appropriate memorial may be built.
There is no official word from the government on Kharge's request.
However, Badal took to X to post, "Shocking and unbelievable! It is condemnable in the extreme that Union Govt has declined the request of Dr Manmohan Singh Ji's family for performing the funeral and last rites of the highly distinguished leader at a place where an appropriate and historic memorial may be built to commemorate his unparalleled services to the nation."
He further said this place should be Raj Ghat.
"This will be in keeping with the settled practice and tradition followed in the past," Badal said.
He said it is "inexplicable" why the government is "showing such disrespect to the great leader who was the only member of the Sikh community to rise to become the Prime Minister".
"As of now, the cremation is slated to be performed at the common cremation ground at Nigambodh ghat. I am unable to believe that the BJP govt's bias would go to such extremes in utter disregard of the towering global stature which Dr Manmohan Singh ji enjoyed and will always enjoy," Badal further said in his post.
He said Singh took the country to great international heights.
"Our political differences with the Congress apart, we have always held Dr Manmohan Singh in the highest esteem as he transcends politics and political affiliations. He belongs to the entire nation.
"Dr Sahib showed great sensitivity and compassion in his dealings with Shiromani Akali Dal over Sikh and Punjab issues," said Badal urging Modi to "intervene personally to change this deplorable decision of the government".
Singh passed away on Thursday night at Delhi's All India Institute of Medical Sciences (AIIMS) at the age of 92.
आज सुबह कांग्रेस अध्यक्ष ने प्रधानमंत्री को पत्र लिखकर प्रस्ताव दिया था कि पूर्व प्रधानमंत्री डॉ. मनमोहन सिंह का अंतिम संस्कार ऐसे स्थान पर किया जाए जहां उनकी विरासत का सम्मान करने के लिए एक स्मारक बनाया जा सके।
— Jairam Ramesh (@Jairam_Ramesh) December 27, 2024
हमारे देश के लोग यह नहीं समझ पा रहे हैं कि भारत सरकार उनके वैश्विक…
