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"You want to be the pebble in the pond that creates the ripples for change," Tim Cook

The head of the world's largest technology corporation as saying he planned to donate his estimated $785 million fortune to charity - after paying for his 10-year-old nephew's college education.

Billionaire financier Warren Buffett is encouraging the very wealthy to give away at least half their worth in their lifetimes through the "Giving Pledge," whose website lists such luminaries as Microsoft Corp's Bill Gates, Mark Zuckerberg of Facebook Inc and Oracle Corp's Larry Ellison.



(Source: Economic times report)

Philanthropy (from Greek φιλανθρωπία) etymologically means "love of humanity" in the sense of caring, nourishing, developing and enhancing "what it is to be human" on both the benefactors' (by identifying and exercising their values in giving and volunteering) and beneficiaries' (by benefiting) parts. The most conventional modern definition is "private initiatives, for public good, focusing on quality of life". This combines the social scientific aspect developed in the 20th century with the original humanistic tradition, and serves to contrast philanthropy with business (private initiatives for private good, focusing on material prosperity) and government (public initiatives for public good, focusing on law and order).

Instances of philanthropy commonly overlap with instances of charity, though not all charity is philanthropy, or vice-verse. The difference commonly cited is that charity relieves the pains of social problems, whereas philanthropy attempts to solve those problems at their root causes (the difference between giving a hungry man a fish, and teaching him how to fish for himself). A person who practices philanthropy is called a philanthropist.

Current State of CSR in India


CSR is not a new concept in India. Ever since their inception, corporates like the Tata Group, the Aditya Birla Group,and Indian Oil Corporation, to name a few, have been involved in serving the community. Through donations and charity events, many other organizations have been doing their part for the society. The basic objective of CSR in these days is to maximize the company's overall impact on the society and stakeholders. CSR policies, practices and programs are being comprehensively integrated by an increasing number of companies throughout their business operations and processes. A growing number of corporates feel that CSR is not just another form of indirect expense but is important for protecting the goodwill and reputation, defending attacks and increasing business competitiveness.

Companies have specialized CSR teams that formulate policies, strategies and goals for their CSR programs and set aside budgets to fund them. These programs are often determined by social philosophy which have clear objectives and are well defined and are aligned with the mainstream business. The programs are put into practice by the employees who are crucial to this process. CSR programs ranges from community development to development in education, environment and healthcare etc.
For example, a more comprehensive method of development is adopted by some corporations such as Bharat Petroleum Corporation Limited, Maruti Suzuki India Limited. Provision of improved medical and sanitation facilities, building schools and houses, and empowering the villagers and in process making them more self-reliant by providing vocational training and a knowledge of business operations are the facilities that these corporations focus on. Many of the companies are helping other peoples by providing them good standard of living.

Also, corp-orates increasingly join hands with non-governmental organizations (NGOs) and use their expertise in devising programs which address wider social problems.

Law


Under the Companies Act, 2013, any company having a net worth of rupees 500 crore or more or a turnover of rupees 1,000 crore or more or a net profit of rupees 5 crore or more should mandatorily spend at least 2% of last 3 years average net profits on CSR activities as specified in Schedule VII of the Companies Act, 2013 and as amended from time to time. The rules came into effect from 1 April 2014.
ISO 26000 is the recognized international standard for CSR. Public sector organizations (the United Nations for example) adhere to the triple bottom line (TBL). It is widely accepted that CSR adheres to similar principles, but with no formal act of legislation.

Read more about the story of Indian corporate pledging 1k crore for swachh bharat campaign here.

Philanthropy: Indian Inc Loosens the Strings of Purse for the Less Fortunate

"You want to be the pebble in the pond that creates the ripples for change," Tim Cook

The head of the world's largest technology corporation as saying he planned to donate his estimated $785 million fortune to charity - after paying for his 10-year-old nephew's college education.

Billionaire financier Warren Buffett is encouraging the very wealthy to give away at least half their worth in their lifetimes through the "Giving Pledge," whose website lists such luminaries as Microsoft Corp's Bill Gates, Mark Zuckerberg of Facebook Inc and Oracle Corp's Larry Ellison.



(Source: Economic times report)

Philanthropy (from Greek φιλανθρωπία) etymologically means "love of humanity" in the sense of caring, nourishing, developing and enhancing "what it is to be human" on both the benefactors' (by identifying and exercising their values in giving and volunteering) and beneficiaries' (by benefiting) parts. The most conventional modern definition is "private initiatives, for public good, focusing on quality of life". This combines the social scientific aspect developed in the 20th century with the original humanistic tradition, and serves to contrast philanthropy with business (private initiatives for private good, focusing on material prosperity) and government (public initiatives for public good, focusing on law and order).

Instances of philanthropy commonly overlap with instances of charity, though not all charity is philanthropy, or vice-verse. The difference commonly cited is that charity relieves the pains of social problems, whereas philanthropy attempts to solve those problems at their root causes (the difference between giving a hungry man a fish, and teaching him how to fish for himself). A person who practices philanthropy is called a philanthropist.

Current State of CSR in India


CSR is not a new concept in India. Ever since their inception, corporates like the Tata Group, the Aditya Birla Group,and Indian Oil Corporation, to name a few, have been involved in serving the community. Through donations and charity events, many other organizations have been doing their part for the society. The basic objective of CSR in these days is to maximize the company's overall impact on the society and stakeholders. CSR policies, practices and programs are being comprehensively integrated by an increasing number of companies throughout their business operations and processes. A growing number of corporates feel that CSR is not just another form of indirect expense but is important for protecting the goodwill and reputation, defending attacks and increasing business competitiveness.

Companies have specialized CSR teams that formulate policies, strategies and goals for their CSR programs and set aside budgets to fund them. These programs are often determined by social philosophy which have clear objectives and are well defined and are aligned with the mainstream business. The programs are put into practice by the employees who are crucial to this process. CSR programs ranges from community development to development in education, environment and healthcare etc.
For example, a more comprehensive method of development is adopted by some corporations such as Bharat Petroleum Corporation Limited, Maruti Suzuki India Limited. Provision of improved medical and sanitation facilities, building schools and houses, and empowering the villagers and in process making them more self-reliant by providing vocational training and a knowledge of business operations are the facilities that these corporations focus on. Many of the companies are helping other peoples by providing them good standard of living.

Also, corp-orates increasingly join hands with non-governmental organizations (NGOs) and use their expertise in devising programs which address wider social problems.

Law


Under the Companies Act, 2013, any company having a net worth of rupees 500 crore or more or a turnover of rupees 1,000 crore or more or a net profit of rupees 5 crore or more should mandatorily spend at least 2% of last 3 years average net profits on CSR activities as specified in Schedule VII of the Companies Act, 2013 and as amended from time to time. The rules came into effect from 1 April 2014.
ISO 26000 is the recognized international standard for CSR. Public sector organizations (the United Nations for example) adhere to the triple bottom line (TBL). It is widely accepted that CSR adheres to similar principles, but with no formal act of legislation.

Read more about the story of Indian corporate pledging 1k crore for swachh bharat campaign here.

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