Corporate Social Responsibility (CSR) is an important part of government rules for companies and initiatives need to be taken in social responsibilities as well. As per report by NASSCOM Foundation many companies have spent more than 60-70% of their CSR funds in education initiatives (development of educational institutions) and 30 – 40% in education (development of students and their studies) at CSR conference 2016 at Bengaluru. Report states that curtailing unnecessary company expenditures leads to an increase in CSR share.
Additional secretary Ajay Kumar stated that Institutes directly get benefits from government, as no middlemen are involved i.e. companies get direct benefit transfer (DBT) as no local bodies are required. Not only educational sector but other sectors are also getting benefits through CSR and nearly 325 million people have been benefited so far in all sections of society. For example now farmers can directly sell their product in national market through eNAM (National Agriculture Market) and e-commerce being another example, enabling digital payment to become an alternative mode of payment.
The motive of NASSCOM Foundation is “NO MAN LEFT BEHIND” and they are working in order to achieve their aim. Government has reported that 2% CSR rule is applicable for all companies but now companies are giving more than 2% in corporate social responsibilities.
The report stated that companies are not only looking towards development of Urban Areas but Rural areas as well. Corporates also involve external agencies to monitor their projects. Many more companies are working in the same direction where they can help in creating a more well-developed society around us.