The Ministry of Corporate Affairs has vide its notification dated 28th May, 2018 clarified that the CSR (Corporate Social Responsibility) spend shall be preferably made in the local area or areas around which the company operates. The notification says that the provision need to be followed in letter and in spirit.
Very strange notification this one and probably for the first time that i am seeing such a thing but shows the seriousness of the government in tackling the under development issue. CSR could be a game changer if the private sector expertise is brought into creating much needed social assets, generate employment, give skills training etc. to sectors where the government cannot enter due to its inherent defects such as size, inefficiency, bureaucracy etc.
Let's hope private sector energies are channelled into this much needed areas such as education, health, rural development, agriculture, sports, environment etc.
Very strange notification this one and probably for the first time that i am seeing such a thing but shows the seriousness of the government in tackling the under development issue. CSR could be a game changer if the private sector expertise is brought into creating much needed social assets, generate employment, give skills training etc. to sectors where the government cannot enter due to its inherent defects such as size, inefficiency, bureaucracy etc.
Let's hope private sector energies are channelled into this much needed areas such as education, health, rural development, agriculture, sports, environment etc.
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