In his inaugural address, Mr Sachin Pilot, Minister for Corporate Affairs, Government of India said that this new policy would see both the community and organizations benefit. Mr Pilot emphasized that the Government was keen to adopt a very flexible approach. Industry would be free to choose programmes and strategies best aligned to their corporate philosophy and businesses. He assured industry that the Government would not apply any rules with retrospective effect. He also promised industry to take up a request that the CSR spend be given a tax break with the Finance ministry.
In a special address, Mr M J Joseph, Additional Secretary, Ministry of Corporate Affairs, Government of India, said that when it came to embedding CSR into business strategy, the execution and mainstreaming of strategy was of paramount importance. He also urged industry members to give any suggestions on the subject to the Government. Mr. Rakesh Bharti Mittal, Chairman, CII National Council on Development Initiatives in his address, reiterated the country’s development challenges: poverty, low levels of literacy, limited access to basic services like water, health, sanitation etc., low wages and income insecurity in the unorganized sectors and stressed on the imperative for inclusive growth in the context of India's long-term growth prospects. While thanking the Government for the flexibility accorded to corporates to decide on CSR programmes and strategies, he also requested that the provision that mandates the three-year track record required for an NGO or Foundation to receive funding be relaxed in the event that a Foundation belongs to a reputed industry organization. Mr Chandrajit Banerjee, Director General, CII said that this CSR Summit will truly prove to be a pivot for government and industry in meeting our joint objectives of economic growth and development.
The summit saw excellent participation from all stakeholders. Experts in their field, shared experiences and insights on how to arrive at a new path for structured engagement with stakeholders, with a multifaceted approach spread across intersecting economic, social, and environmental dimensions. The challenges posed in this pursuit have implications for virtually every aspect of a firm’s strategy and business model. Arriving at a holistic view on how the new legislation will assist corporates in arriving at a structured CSR engagement as also lead to new paradigms for equitable and sustainable development at the national level. In monetary terms, it is estimated that the new provision will lead to anything from 19,000 to around Rs 25,000 crores annually. This money could make a significant difference if the proper delivery systems are put in place to translate them into meaningful programmes to reach out the communities.
This summit focused renewed attention on the need to start building capacities, not only of the CSR practitioners but also of Civil Society Organizations / Non Government Organizations etc that will enable structured engagement of the industry with the communities in further stimulating the developmental process in India. It will also encourage organizations to take a look at their CSR programmes and assess their impact to ensure equitable and sustainable national growth in the long term.
