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News: The National Corporate Social Responsibility Portal data, from 2014 to 2023, shows that Rs 1.84 lakh crore of CSR funds were disbursed. As the CSR contributions are increasing, there is a need to focus on how they can help the agricultural sector.
1. Corporate Social Responsibility refers to the ethical practice by the corporates to take responsibility for the social, environmental, and economic impacts of their operations.
2. In 2014, India became the first country in the world to legally mandate corporate social responsibility. Section 135 of the Companies Act 2013 provides for rules and regulations governing the CSR.
3. CSR provisions apply to companies that meet the following criteria: A) Net worth of Rs 500 crore or more B) Annual turnover of Rs 1000 crore or more C) Net profit of Rs 5 crore or more.
4. These companies are required to spend at least 2% of their average net profit over the previous three years on CSR activities.
5. There is a need for CSR contributions to agriculture as it employs nearly 47% of the population and contributes 16.73% to India’s GDP.
6. CSR activities contribute to support the capital requirements and infrastructural needs of Indian agriculture. These include establishing grain banks, farmer schools, water conservation projects etc.
7. However, a major obstacle hindering CSR’s potential in agriculture is that current reporting mechanisms have little to no emphasis on agriculture related CSR initiatives.
