India is the only country in the world where CSR is mandatory. The CSR was mandated in India from F.Y. 2014-15. Every profitable public and private company is expected to spend 2% of their average Net Profits of last 3 years (before tax) on any of the activities enlisted in the Schedule VII of 135 of Companies Act, 2013. The areas broadly include education, healthcare, water, sanitation, rural development, environment, employment, skill development, heritage, culture etc.
It is almost a decade now since the CSR was officially launched in India from FY 2014-15. It has gone through various amendments, modifications and changes from time to time. The CSR has now become more and more compliance driven and as such it becomes absolutely essential to be aware of these changes regularly. The total CSR spending in India which were at Rs. 14,394.55 crores during FY 2014-15 is estimated to be somewhere around Rs.30,000 crores for the year 2022-23 and is expected to grow @ 5%-6% per year thereafter.
Effective CSR project implementation is the joint responsibility of the donor Corporate, Implementing Agency, Beneficiaries of the Project as well as the Community in general. Thus getting a right partner for successful project implementation is crucial in the process. In order to make this more conducive and productive, we have come out with an online platform where we try to bring the relevant stakeholders viz. Corporates, NGOs and others together. To make it more effective, we have added the necessary updates on circulars, rules & regulations, RFPs, reports, awards etc from time to time. The purpose is to spread right and latest knowledge & information on CSR domain among various stakeholders on regular basis. CSR Exchange is a specially designed to cater to various constituents of CSR to come forward and engage in a fruitful and productive exchange of resources, ideas, knowledge sharing, dialogue, information and contacts among each other. It acts as a facilitator and connects parties with similar kinds of interests, needs and requirements in relation to CSR to compliment and supplement efforts of each other in the CSR and social sector.
The SEBI has recently given clearance for establishment of Social Stock Exchange (SSE) to help raising resources for social causes by way of Zero percent bonds, equity shares, deposits, gifts, debentures etc. Both NSE (in February 2023) as well as BSE (in December 2022) have been permitted to start independent SSE for this purpose. This would attract funding and with the result accelerate improvement in the civic amenities like water, sanitation, healthcare, public transport, rural development, skill development etc. All NGOs viz. Trusts, Section 8 Company, Self Help Groups (SHGs), Companies working for profits as well as not for profit both will be eligible to raise resources via this route.
Thus you are welcome to register in any of the categories viz. Corporate Donors, NGOs and others which include providers of services & products to facilitate CSR and social sector development and successful implementation. Your comments, suggestions and views are welcome.
CSR Exchange Works CSRxchange stands on 3 major pillars of users:
Some Description
After the introduction of Section 135 in the Companies Act, 2013; listed companies are statutorily obliged to allocate 2% of their average net profits over the last three years towards social & community based projects. CSRxchange will facilitate such companies to reach out to the best match of NGOs suiting their specified requirements and needs. With an extensive database and availability, the corporate will have a broad range of options to consider and choose from among registered NGOs and providers of various products & services..
Having ground level experience and knowing realities of the needs of the community, NGOs know the real issues & concerns of the society in the best manner possible and have offer broad range of solutions to approach those issues. What they generally are short of the adequate resources and funds to resolve those issues. We, at CSRxchange aim to provide a database and availability of donors and investors in the form of corporate to fulfil the needs of both the parties simultaneously. NGOs can directly reach out to CSR Corporate donors via this platform and seek CSR funding for their social projects.
CSR in India being in its initial stage is under constant explorations and research. There have been multiple stakeholders interested to understand the nuances of this fairly interesting and complex concept. Keeping this in mind, CSRxchange envisions providing a platform to students, academicians, researchers and CSR experts to come forward and share their valuable learning and insight and ignite an open and unbiased forum of robust learning, knowledge sharing and caring.
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