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Unlocking the Power of Corporate Social Responsibility in India

Unlocking the Power of Corporate Social Responsibility in India

Corporate Social Responsibility (CSR) has become a buzzword in India since the Companies Act of 2013 made it mandatory for certain companies to contribute to social and environmental causes. In recent years, CSR has become an important aspect of corporate strategy, helping businesses to improve their reputation, build brand loyalty, and contribute to sustainable development. 

a. CSR initiatives in India: India has a long history of social and environmental challenges, and CSR initiatives can play an important role in addressing these challenges. There are a variety of initiatives that funders and corporates can get involved in, including education, healthcare, sanitation, rural development, and environmental conservation.

b. Companies Act 2013 CSR: The Companies Act of 2013 mandates that certain companies spend at least 2% of their profits on CSR activities. This has resulted in a surge of CSR activities across the country, and funders and corporates can leverage this mandate to make a positive impact on society.

c. CSR activities in India: There are a variety of CSR activities that funders and corporates can get involved in, such as building schools, providing healthcare services, promoting renewable energy, supporting artisans and craftsmen, and sponsoring sports programs. The key is to identify the areas that align with your organization's mission and values.

d. Corporate Social Responsibility law in India: The CSR law in India mandates that companies with a net worth of at least Rs. 500 crore or a turnover of Rs. 1000 crore or more, or a net profit of Rs. 5 crore or more in a financial year must spend at least 2% of their average net profits of the past three financial years on CSR activities. Funders and corporates need to be aware of the legal requirements and guidelines to ensure compliance.

e. CSR guidelines in India: The Ministry of Corporate Affairs has issued guidelines for companies to follow while carrying out CSR activities. These guidelines include the selection of projects, implementation, monitoring, and reporting. Funders and corporates should carefully follow these guidelines to ensure that their CSR activities are effective and sustainable.

f. CSR policy : A well-crafted CSR policy can help funders and corporates to prioritize and align their CSR activities with their business goals. The policy should clearly define the organization's objectives, the areas of focus, the target beneficiaries, the budget, and the metrics for evaluation.

g. CSR projects in India: There are many CSR projects in India that require funding and support. Funders and corporates can identify the projects that align with their mission and values, and collaborate with NGOs and other stakeholders to implement these projects.

h. CSR impact: The impact of CSR initiatives can be measured in various ways, such as social impact, environmental impact, and economic impact. Funders and corporates should evaluate the impact of their CSR activities and communicate the results to their stakeholders.

i. CSR funding: There are various ways to fund CSR activities in India, such as through the CSR budget, corporate foundations, public-private partnerships, and impact investing. Funders and corporates need to identify the most suitable funding mechanism based on their objectives and priorities.

CSR is an important aspect of corporate strategy, and funders and corporates have a significant role to play in promoting sustainable development in India. By following the guidelines and best practices, they can make a positive impact on society while enhancing their reputation and brand loyalty.