NEW DELHI, Sept 10: Expecting an annual CSR spending of Rs 15,000-20,000 crore by India Inc, Corporate Affairs Minister Sachin Pilot has asked companies to see the new law as an investment opportunity to create a better work environment, rather than a forced expenditure.
The Minister also said that the government has left the canvas wide open for the companies to decide on their own about the CSR (Corporate Social Responsibility) activities they wish to undertake to comply with the new norms.
He said the few areas prescribed under the law are only suggestive in nature and it should not be seen as a restrictive list.
Under the new Companies Act, 2013, which has replaced nearly six-decade old legislation governing the way corporates function and are regulated in India, all profitable companies with a sizeable business would have to spend every year at least 2 per cent of three-year average profit on CSR works.
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