Published on Mon, Aug 16, 2010 at 17:46 | Source : CNBC-TV18
Updated at Thu, Aug 26, 2010 at 16:10
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Is philanthropy last resort for India?
While dozens of US billionaires pledge their fortunes to charity, India Inc is not far behind. However the debate on whether their responsibility should mandatorily be extended beyond employees, customers and shareholders stands open. And will philanthropy make a significant difference to the country's development?
While dozens of US billionaires pledge their fortunes to charity, India Inc is not far behind. The First Givers Summit is a live example of that-to get into this club all individuals have pledged to give Rs 5 lakh a year to any charity of their choice and more important, they have promised to give 42 hours of their time every year working for some charity.
In fact it is being learnt that corporate social responsibility (CSR) spends will now be made mandatory for corporate India. If approved, companies will have to spend 2% of the average net profit on CSR. However the debate on whether their responsibility should mandatorily be extended beyond employees, customers and shareholders stands open. And will philanthropy make a significant difference to the country's development?
