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Thursday, 26 November 2009 |
India's Corporate Affairs Ministry is working on establishing a code requiring all for-profit corporations to allocate an amount proportionate to their turnover or profits for corporate social responsibility (CSR) initiatives, a government official, who preferred to remain anonymous, was reported to have said.
However, unlike Indonesia and Nigeria, the Indian government plans to make the process consultative, rather than
prescriptive.
According to the official, the code may be woven into the Companies Bill 2009 once finalised. The proposal, if implemented, will see private companies requiring to step up
on their CSR activities. Currently, profit-making public sector undertakings are
required to set aside up to 2% of their net profit towards CSR.
It has been reported that Corporate Affairs Minister, Salman Khurshid, recently said that
companies may even be extended fiscal relief for their involvement in
CSR work. The minister had said that one of the ways to attract companies towards
CSR work is to develop a system of CSR credits, similar to carbon
credits which are given to companies for green initiatives.
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News 
OWW Consulting , one of South East Asia's leading CSR consultancies, launches two new websites. CSR Malaysia is their contribution to help promote CSR in the region. SRI Asia houses the OWW Responsibility SRI Index Series.
