CSR PORTAL (Syllabus: GS Paper 3 – Economics (Corporate governance))

News-CRUX-10     8th November 2023        
Samadhaan

Context: Indian Renewable Energy Development Agency (IREDA), a Mini Ratna (Category – I) Government of India enterprise under the administrative control of Ministry of New and Renewable Energy, has launched a Corporate Social Responsibility (CSR) portal for enhancing transparency in its CSR initiatives.

Corporate Social Responsibility (CSR) Portal

  • The portal will facilitate transparency in receipt and disposal of CSR requests from various organizations and institutions.
  • It will be accessible to all 24x7, with a CSR policy and proposal checklist for examination of CSR requests. 
  • The portal will also contribute to the more efficient execution of IREDA's social welfare initiatives as part of its CSR efforts.


Corporate Social Responsibility

  • About: It is typically described as a corporate effort to evaluate and assume accountability for a company's environmental impact and influence on social well-being.

oIndia holds the distinction of being the world's first country to enforce mandatory CSR expenditure and establish a structure for recognizing feasible CSR initiatives.

  • Regulation: In India, the regulation of CSR is governed by clause 135 of the Companies Act, 2013.
  • Spending required: Companies are required to spend a minimum of 2% of their net profit over the preceding three years as CSR.
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