August 2022

Mohammad Anas Wahaj | 27 aug 2022

According to Rajesh Verma, Secretary in the Ministry of Corporate Affairs (Govt. of India), 'Indian companies have spent more than ₹1 trillion in CSR since the framework for corporate spending on community came into force in 2014-15. Investments in ESG (Environment, Sustainability and Governance) will play a key role in not only meeting the US$ 5 trillion economy goal, but also sustainable development goals (SDG) by 2030 and achieving net zero emissions by 2070.' He suggests that for the survival and betterment of the world, and to overcome present and future challenges - like COVID-19, climate change, resource scarcity, inequality etc - needs people to be responsible, accountable and considerate towards each other. In these challenging scenarios large corporations have special role to play that they can perform through CSR and similar responsible activities. Many Indian companies are even spending more than they are required to under the CSR law. To encourage spending the law allows credit for the excess spending in a year which can be set off against future spending obligations. Green finance is a growing field. According to RBI bulletin of October 2021, global issuance of the green bond had surpassed US$ 250 billion in 2019 and among the list of emerging economies, India is second to China in the cumulative emerging market green bond issuance. Read on...

Livemint: India Inc spent ₹1 trillion on CSR over seven years
Author: Gireesh Chandra Prasad

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