Corporates to spend Rs. 14,000 cr on CSR: Jaitley

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New Delhi, November 2014:

Finance Minister Arun Jaitley on Tuesday expressed confidence that increased CSR spend will have beneficial impact on the social sector in India.

“In the first year, corporates are going to spend Rs.14,000 crore toward CSR. This is only going to increase year-after-year as profits of corporate sector rises,” Jaitley said after giving away the ‘social entrepreneur of the year’ awards in the capital. The spread of the corporate CSR spend is only going to expand in the coming years, he said. Sudharshan from Karuna Trust bagged the Social Entrepreneur of the Year-India 2014 award. The Schwab Foundation for Social Entrepreneurship and the Jubilant Bhartia Foundation are promoting social innovation in India through the annual Social Entrepreneur of the Year India awards.

Corporate Social Responsibility (CSR) has become mandatory for certain companies in India with effect from April 1, 2014. About 15,000 Indian companies are within the CSR ambit this fiscal and are expected to fork out about Rs. 14,000 crore this fiscal. Business Line