President Ram Nath Kovind Announces Annual CSR Awards, Says Firms Spend Over 10,000 Crores Per Year

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

President Ram Nath Kovind Announces Annual CSR Awards, Says Firms Spend Over 10,000 Crores Per Year

President Ram Nath Kovind announced that National CSR Awards will be conferred every year on October 2

New Delhi:

President Ram Nath Kovind today suggested companies to look at ways to contribute more towards social welfare spending for orphans and persons with disabiliies. He said that innovative solutions can be found through corporate social responsibility or CSR activities for persisting challenges of development.

Speaking at the first National CSR Awards ceremony in Delhi, President Kovind 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 contribute 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, President Kovind 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' (persons with disabilities).

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

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

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