Corporate Social Responsibility (CSR) is the funding and grants process under which Non-Profit Organisations (NGOs) can get financial and other support from the corporate sector. Under the Companies Act, 2013 it is a mandatory provision to provide a contribution of 2 percent of the average net profits of companies.
Corporates spend 50% CSR funds in education, skill development:
The top ten 10 companies together spent Rs 3,306 crore as part of their CSR fund, while their prescribed CSR spend was Rs 3,160 crore. There is an increase in the prescribed CSR from 6 per cent to 8 per cent in the actual CSR spend from FY 16-17 and the number of projects have also increased by 25 per cent from the previous year. This indicates a sense of seriousness among companies as they strive to match the prescribed CSR requirements with the actual CSR spends.
How to get CSR funding
- To get empanelment with " National csr hub" at Tata institute of social science
- Through the companies who can provide funding under the corporate social responsibility(csr).