CSR - #SectorUpdates
The Ministry of Corporate Affairs’ recent revisions to the Corporate Social Responsibility guidelines, which make CSR Impact Assessment mandatory, have significantly influenced the CSR landscape in India. With the new Corporate Social Responsibility Impact Assessment compliance now applicable, monitoring and evaluation have become a focus bringing credibility and accountability to the development sector. CSR is slowly coming of age with a shift in the approach from philanthropy to creating sustainable impact. The new amendments require all Corporates with an average CSR obligation of Rs 10 crore or more in the previous three fiscal years to do CSR Impact Assessment Studies of their projects through independent agencies for projects above Rs.1 crore. The increased regulatory compliance has affected all aspects of the CSR lifecycles and will guarantee that CSR activities are planned, implemented, and assessed with greater rigor, resulting in the desired social outcomes. CSR can be termed as an important conduit of progressive capitalism.