Telecom Minister, kapil Sibal has said Rs 28,000 crore that is likely to flow in as part of CSR activity should be used to provide low-cost solutions to meet the crucial needs of the people, reported PTI.
About 16,000 companies under the ambit of new Companies Act are estimated to pump in Rs 28,000 crore on Corporate Social Responsibility in the next financial year starting April 1.
"According to the Indian Institute of Corporate Affairs, a minimum of 16,000 Indian companies fall under the ambit of the law and that entails approximately Rs 28,000 crore of funds that would be pumped into the system," Assocham President and Yes Bank MD & CEO Rana Kapoor said at an event.
He further said: "Instead of looking at cost structure and then finding the market, look at the market and then innovate cost structure. If you are able to do that, that will be true corporate social responsibility."
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