Naidu seeks donations from corporates
HYDERABAD: In its efforts to mobilise resources for the crop loan waiver scheme, the cash-starved Andhra Pradesh government has begun seeking donations from multi-national companies and domestic business giants.
According to sources in the Chief Minister's Office, the government is in talks with Mercedes Benz as well as IDBI Bank, Punjab National Bank and the Indian Bank.
'Every year, corporates spend a portion of their income on social welfare activities as part of their corporate social responsibility. So, the government is knocking on the doors of top MNCs and Indian companies to get financial help for the loan waiver scheme,' the sources said.
Under the Companies Act-2013, any company, whose net worth is `500 crore or more or has a turnover of `1,000 crore or more or a net profit of `5 crore or more must spend 2 per cent of its net profit per fiscal on CSR activities.
'Chief Minister N Chandrababu Naidu is confident that if the State government can mobilise at least `5,000-`10,000 cr from the corporates, he can easily implement the scheme,' said an official.
News Posted: 5 October, 2014
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