Category: Sectors

Emphasising that social welfare activities will generate enough goodwill for wealth creators among ordinary people, President Ram Nath Kovind on Tuesday suggested companies to look at ways to contribute more towards CSR spending for orphans and disabled people

New Delhi, October 29: Emphasising that social welfare activities will generate enough goodwill for wealth creators among ordinary people, President Ram Nath Kovind on Tuesday suggested companies to look at ways to contribute more towards CSR spending for orphans and disabled people.

“I sincerely hope that innovative solutions to persisting development challenges will emerge from the CSR activities,” he said at the first National Corporate Social Responsibility (CSR) awards function here.

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

Under the Act, a 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.

Noting that the response of companies to the CSR framework has been highly commendable, the president said every fiscal since 2014-15, the corporate sector has set aside a total of more than Rs 10,000 crore for social welfare.

Sharing his vision, Kovind said when it comes to helping those in need in the society, there are resources, the will and a framework too.

“Whom shall we help most? I have in mind orphan children and Divyang (disabled people). While the government has done what it can to give them a helping hand, society and especially the corporate sector can still do more for them.

“Can we plan in such a way that within a foreseeable future, every orphan child can get personal care? We can set 2030 as a deadline to ensure providing care to every child and reap the benefits of demographic advantage that we have,” he said.

Suggesting “food for thought and action”, Kovind said that respect is received by donating wealth and not by storing wealth.

According to him, it is equally important to internalise social welfare in the corporate culture.

He asked the companies to motivate their employees and sensitise them to this higher calling in service of the marginalised sections of society.

This single step would generate enough goodwill for wealth creators among ordinary people, he added.

“The Companies Act was amended in 2013-14, making it mandatory for companies with a specified level of profit to spend two per cent of it on social welfare. I am told it is one of the world’s largest experiments in promoting CSR,” Kovind said.

While noting that what is now called CSR is “very much in our DNA”, the president said the legacy was carried forward by entrepreneurs of early industrialism.

“Illustrious business families like Tata, Birla and Bajaj and many others associated with our freedom struggle were sensitive to their social responsibilities. Mahatma Gandhi developed the principle of trusteeship, not only from his deep understanding of our various religious traditions but also based on the generosity of industrialists associated with him,” he added.

From now onwards, the National CSR awards — instituted by the Ministry of Corporate Affairs — would be conferred every year on October 2, the birth anniversary of Mahatma Gandhi.

ChildFund India and NBFC Grameen Impact Investments India have launched bond’s to promote women empowerment in Maharashtra and Madhya Pradesh. This is the world’s first domestically funded Sustainable Development Goals (SDG Bond), ChildFund India has said

ChildFund India and NBFC Grameen Impact Investments India have launched bond’s to promote women empowerment in Maharashtra and Madhya Pradesh.

This is the world’s first domestically funded Sustainable Development Goals (SDG Bond), ChildFund India has said.

The Women Holistic Empowerment and Enhanced Livelihood (WHEEL) Impact Bond will help 2000 tribal women in these two states.

The bond seeks to help these women become self-reliant by providing training of poultry business. It aims to achieve an annual income of Rs 30,000 for these women through this intervention.

ChildFund will implement this project by utilising Rs 7.5 crore fund committed by Grameen Impact.

“ChildFund is indeed privileged and proud to launch the first domestically funded SDG Bond focused on women empowerment and livelihood. I am grateful to Grameen Impact for its partnership and resources that they bring to the table,” said Neelam Makhijani, CEO &Country Director, ChildFund India.

Royston Braganza, CEO of Grameen Impact, said “It is estimated that over $30 trillion is needed to meet the global SDGs target. We believe this can only happen when the government, corporate funding, capital markets and philanthropy join hands. The world is looking at India which is now a global leader in social innovation and impact investing. We at Grameen Impact are delighted to come up with an innovative financing instrument, focused on the SDGs, which uniquely combines impact investing, CSR and social enterprises.”

ChildFund India is a part of ChildFund International – a child protection and development organization working in 25 countries and annually assisting around 18 million children, youth and their families globally.

For over 6 decades, ChildFund India has been working with underprivileged children, youth and families from the most remote and extremely backward areas.

ChildFund India annually reaches nearly 3 million children, youth, and their families across 15 States through its long-term programs by investing nearly 60-70 crore per annum.

Grameen Impact India is an RBI registered NBFC focused on lending to enterprises engaged in the social sector.

Innovative Financial Advisors Private Limited (Fiinovation) along with PI Industries, a leading Agri-sciences based company, and Harsha Trust, a not-for-profit organisation has extended their CSR intervention for another two years in Rayagada district in Odisha

Innovative Financial Advisors Private Limited (Fiinovation) along with PI Industries, a leading Agri-sciences based company, and Harsha Trust, a not-for-profit organisation has extended their CSR intervention for another two years in Rayagada district in Odisha. Began in 2017, the intervention aims at enhancing agri-based farm income of small and marginal farmers by adopting Good Agricultural Practises (GAP) and market-led interventions. The project has till date benefitted 1300 farmers from forty-five villages of Rayagada district.

Based on a comprehensive impact assessment conducted by Fiinovation, achieving sustainability becomes the focal point of the project extension. As part of the extension, two Farmer Producer Organisations (FPO) will be set up in the targeted two blocks of Kalyansingh and Bissam Cuttack of Rayagada district. These FPOs will ensure integration of small farmers in the agricultural value chain by training them on ways to increase crop productivity in a sustainable manner and by adopting and promoting usage of good quality inputs and services.

Speaking on the occasion, Dr. Soumitro Chakraborty, CEO Fiinovation said, “Small producers do not have the large marketable surplus individually (both inputs and produce) to get the benefit of economies of scale. The planned FPOs in these areas will provide the necessary inputs to the members and also serve as knowledge delivery institutions for the farmers.”