The government on Wednesday said the issue of Corporate Social Responsibility (CSR) has been brought from back rooms of corporates to their board rooms with the new company law.
The provisions of this landmark legislation are most significant in the realm of business conduct, with CSR now being held as an integral measure of good and responsible corporate governance, Minister of State for Corporate Affairs Arjun Ram Meghwal said.
It has also, for the first time, brought the issue of CSR from back rooms of corporates to their board rooms, he added.
He was speaking on the occasion of valedictory ceremony of the Indian Institute of Corporate Affairs (IICA) certified professional in CSR course organised at the campus of IICA, Manesar, Gurugram.
While highlighting that CSR has been a traditional part of the Indian culture, Meghwal said that historical struggle of Mewar was greatly supported by contributions of Bhama Shah.
He underscored that paying back has now been given a formal shape through the Companies Act.
The minister underlined the government’s desire to formally involve the corporate sector in the social development agenda of the country.
Meghwal also said that with corruption free governance, endorsement and over-whelming support of all the citizens and corporates, and demographic dividend, India will be leading the comity of nations in the coming century.