sambad epaper 21/08/2016

In an effort to make meaningful utilisation of the funds under corporate social responsibility (CSR), the Odisha government today decided to set up a state-level council as facilitating agency to help companies plan according to the development needs.

“A state-level council as a facilitating agency will help CSR planning of the corporate houses in line with development needs of the State,” Chief Secretary AP Padhi said while presiding over a meeting attended by representatives of corporate houses, industry associations and chambers of commerce.

Participants welcomed the proposal.

Industries Secretary Sanjeev Chopra said it would only facilitate the CSR spending by the companies and help them report on developmental outcomes. Such coordinated approach would lead to target oriented utilisation of CSR funds, he said.

According to the existing provisions of the law, companies with a net worth of ₹500 crore or more or turnover of ₹1,000 crore or more or with a net profit of ₹5 crore or more, have to spend at least 2 per cent of their average net profit on CSR activities.

Officials said around 287 corporate houses have spent about ₹344 crore in CSR activities during 2014-15.

Out of this, ₹96.15 crore has been spent on infrastructure development, ₹71.93 crore on education, ₹51.23 crore on health, ₹40.57 crore on environmental protection, ₹29.06 crore on livelihood promotion, ₹11.55 crore on vocational training and ₹44.16 crore on other CSR activities in the state.

sambad epaper 21/08/2016: