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Why is CSR important?

Why is CSR important?

We all know that corporate social responsibility vital for a company’s grow intrinsically. Business should not only be responsible morally to the stakeholders but also to the community at large thereby helping in creating a sustainable community. According to the CSR amendments under the Companies (Amendment) Act, 2019, all companies with a net worth of Rs 500 crore or more are required to spend 2% of their average profit of the last three years on CSR every year. Companies are required to give preference to local areas and areas around their facilities for spending amounts earmarked for CSR under the Companies Act.  The new law prescribes for a monetary penalty as well as imprisonment in case of non-compliance. This was the legal fact associated with the importance of CSR. The impact which these corporate contributions creates in enormous. If utilized appropriately, this can:

  • Help NGOs and foundations achieve their goal of primary education to underprivileged kids
  • Eradicate extreme poverty and hunger
  • Promote Gender equality and empower women
  • Improve maternal health
  • Reduce child mortality
  • Ensure environmental sustainability
  • Develop global partnerships

To achieve this objective, one needs to connect with relevant social consultants/firms which acts as a liaison in guiding the grassroots problems of these non profits agencies and help in effective utilization of funds

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