India Inc Likely To Pump In Rs 14k Crore For CSR In FY2014-15: Jaitley

Finance Minister Arun Jaitley has said that India Inc is likely to spend about Rs 14,000 crore in corporate social responsibility (CSR) activities in FY2014-15. The amount would increase in the coming years.

"... CSR alone in its very first year is going to contribute about Rs 14,000 crore into the (social) sector and that is reasonably a large amount of money. This is going to increase year after year as corporate profits increase," said Jaitley.

As per the new Companies Act, a certain category of profit-making companies need to spend at least 2% of their three-year average annual net profit in CSR activities. He said that corporates entered late in the charitable activities, but he also expressed hope that they would contribute in charity in a big way.

"Its impact will now be fully seen. (It will be) appreciated by even those who are otherwise unaware or unwilling to recognise the contribution," he said.