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Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large'.
– World Business Council For Sustainable Development
The Companies Act 2013, enacted by the government of India, has laid down certain parameters based on which organizations have to frame their CSR policy and spend accordingly. India is the first country in the world to do so.
The requirement will apply to any company that is incorporated in India, whether it is domestic or a subsidiary of a foreign company, and which has (1) net worth of Rs. 5 billion or more (US$83 million), (2) turnover of Rs. 10 billion or more (US$160 million), or (3) net profit of Rs. 50 million or more (US$830,000) during any of the previous three financial years.
The act defines CSR as activities that promote poverty reduction, education, health, environmental sustainability, gender equality, and vocational skills development. Companies can choose which area to invest in, or contribute the amount to central or state government funds earmarked for socioeconomic development. The company also has to file a CSR report annually.
INFINITY has been working on various CSR activities for many organizations over the year. We can help organizations plan their CSR policy, select or develop effective activities and ensure effective and factual reporting as per requirement.
Some organisations whose CSR activities we have managed are TCS, Himalaya, HPCL, Linc Pens etc.