{"id":42940,"date":"2019-09-22T20:51:59","date_gmt":"2019-09-22T18:51:59","guid":{"rendered":"https:\/\/csregypt.com\/?p=42940"},"modified":"2019-09-22T20:51:59","modified_gmt":"2019-09-22T18:51:59","slug":"firms-can-use-csr-funds-for-rd","status":"publish","type":"post","link":"https:\/\/csregypt.com\/en\/firms-can-use-csr-funds-for-rd\/","title":{"rendered":"Firms can use CSR funds for R&D"},"content":{"rendered":"

The Indian government has decided to allow corporate India to use their mandatory corporate social responsibility (CSR) spending for investments in publicly-funded incubators and contribute to research efforts in science, technology, medicine and engineering at major institutions and bodies, The Hindu reported.<\/p>\n

Finance Minister Nirmala Sitharaman said that the rules governing CSR spending norms have been amended to pave way for greater investment into research \u2014 a parameter the country fares poorly on a global basis.<\/p>\n

India\u2019s spending on research and development (R&D) activities has been far less than 1% of GDP for years, with the private sector chipping in less than half of investments. The Companies Act requires firms with a net worth of \u20b9500 crore, turnover of \u20b91,000 crore or net profit of \u20b95 crore or more to set aside 2% of their average net profit over the last three years towards \u2018approved\u2019 CSR activities.<\/p>\n

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\u201cNow this 2% can be spent on incubators funded by Central or State government or any agency of a Central or State public sector undertaking,\u201d Ms. Sitharaman said. \u201cThey can also make contributions to publicly- funded universities, IITs, national laboratories and autonomous bodies (established under the auspices of ICAR, ICMR, CSIR, DAE, DRDO, DST and Ministry of Electronics and Information Technology),\u201d she added.<\/p>\n

\u201cThe government can fund research and is doing so, and will also increasingly do more.<\/p>\n

\u201cBut today, there is a need for large investments and large pools of capital to be given to R&D. We are opening up the CSR window also,\u201d she said.<\/p>\n

When asked if the government was drawing on CSR funds, the Minister said that was not the case. \u201cIIT receives funds from the government but is not a government institution as such. It is an autonomous institution for engineering and technology. If science and tech-related research is being done there, CSR money can also go there,\u201d she explained.<\/p>\n

Revenue Secretary Ajay Bhushan Pandey said that this would enable a private pharmaceutical company, for instance, to undertake research in pharmaceuticals in conjunction with a publicly funded institution like IIT or ICMR and derive benefit from it.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Indian government has decided to allow corporate India to use their mandatory corporate social responsibility (CSR) spending for investments in publicly-funded incubators and contribute to research efforts in science, technology, medicine and engineering at major institutions and bodies, The Hindu reported. Finance Minister Nirmala Sitharaman said that the rules governing CSR spending norms have […]<\/p>\n","protected":false},"author":410,"featured_media":42942,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6261,984],"tags":[6464,6221,6251],"yoast_head":"\nFirms can use CSR funds for R&D - Csr Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/csregypt.com\/en\/firms-can-use-csr-funds-for-rd\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Firms can use CSR funds for R&D - Csr Egypt\" \/>\n<meta property=\"og:description\" content=\"The Indian government has decided to allow corporate India to use their mandatory corporate social responsibility (CSR) spending for investments in publicly-funded incubators and contribute to research efforts in science, technology, medicine and engineering at major institutions and bodies, The Hindu reported. 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