Corporates must fill gaps through CSR: KTR

Hyderabad, July 26 (INN): Information Technology Minister K Tarakarama Ramarao inaugurated a full day Seminar 'Corporate Social Responsibility'from Invention to Implementation' at FAPCCI Hall, Red Hills here on Saturday. The Seminar was organised by Abhaya Foundation and was graced by 500 plus audience.

Addressing the gathering, KTR said that India is a diverse country. It is so much so diverse that there are rich people who are probably the some of the richest in the world. There are also poor who are so poor that they are below the poverty line.

It is the third largest democracies in the world. But, still there are people whose basic needs are yet to be fulfilled. There is an uneven distribution of economies. There we have, haves and have-nots.

There is a wide gap between people of the same region. This void must be filled in. That is where I believe CSR comes into place and help fill in those gaps, he informed.

Speaking further Rama Rao added that Government alone can't do much. There may be lacunae in our policies. This is where Corporates step in. Corporate too have responsibility towards the society.

Corporate Social Responsibility is a good initiative which mandated through a legislation, which should have been more voluntarily, he observed.

The companies who qualify for CSR are those who have turnover of over Rs. 1,000 crore or the average net profit of Rs. 5 crore or more in the preceding three years. There are around 20,000 companies in India who qualify for mandatory CSR spending.

Hence there is an urgent need for those companies to know all the provisions of the CSR, he said. They have to spend 2% of the profit after tax. It is mandatory to spend and also report to the Government.

The act laid down provision very clearly. What I appeal now is that all Industry bodies must work with NGOs to devise guidelines within the perview of the law for the effective implementation of CSR, the minister informed.

'I also believe that the CSR spending in India is to approximately Rs 28,000 crore per year, he informed. Government of Telangana is committed for the whole idea of CSR, he informed. He also launched a souvenir commemorating the Seminar on the CSR,' he said.

Earlier welcoming the gathering Mr.Balachandra Sunku, Company Secretary and Founder of Abhaya Foundation said NGOs can actually work with companies to help implement their CSR initiatives.

NGO Collaboration is the strong foundation for Powerful Corporate Social Responsibility he informed. NGOs can create alignment with private-sector companies.

Retired IAS and former Secretary to Government of India Rajen Habib Khwaja, while giving his Key Note Address, said, 'Don't limit your vision to three words 'CSR', because it is mandated. Think beyond it.'

The other guests who graced the inaugural include Khairtabad MLA Ch Ramachandra Reddy, CII-AP President Chittori Suresh Rayudu and others.

The Seminar was attended by nearly 500 Corporate Heads, Promoters, Directors, Industrialist, Professional Bodies, CFO's, Chartered Accountants, Cost Accountants, Company Secretaries and others drawn from various parts of the AP/Telangana.