Evolution of CSR
CSR in India has evolved from mere Philanthropy to a more wider concept called Creating Shared Value (CSV). Under CSV, Companies integrate social issues into their business operations, thereby making CSR a part of their revenue strategy.
Following the concept of CSV, businesses can reap in a lot of tangible and intangible benefits and at the same time create social impact for a better future.
Avad India specializes in guiding the corporate partners to ensure their CSR spends benefit the community and company both.
Return on CSR Investment
CSR is not a mere expense but an investment. By aligning your CSR strategy with your business objectives, its values and your core products you can actually deliver a solid return on investment.
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Employee engagement activities lead to more motivated and happy employees leading to reduced attrition, increased productivity and morale.
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Employee Volunteering imparts much needed skill and learning to employees.
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Greater acceptance and strengthened relations with your local community.
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Enhanced brand image and increased customer loyalty.
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Cost savings resulting from Sustainable business operations.
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A more holistic corporate identity.
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Removing obstacles in your business.
Legal Requirements of CSR in India
Turnover of Rs.1000 crore or more; or
Net Profit of Rs.5 crores or more,
With the ever evolving CSR rules, it is mandatory for eligible companies to form a CSR Committee, CSR Policy, Annual Action Plan, etc. containing details about activities specified in Schedule VII of Companies Act. There are rules and mandatory compliances regarding disclosures in Annual Report and on company website, CFO certification, Ongoing projects, Unspent CSR Account, NGO partner selection, etc.
The CSR Act and rules also make it mandatory for a company to institute a 'Transparent Monitoring Mechanism' for their CSR projects, defining & documenting the progress.
Avad India can help you understand and comply with all your CSR regulatory requirements.