Corporate Social Responsibility (CSR) is a strategic tool that provides a great platform to drive prosperity of people, societies and companies through the channels of improvement and innovation. The Ministry of Corporate Affairs, Government of India has mandated every company, private limited or public limited, which either has a net worth of Rs 500 crore or a turnover of Rs 1,000 crore or net profit of Rs 5 crore, to invest 2% of its average net profit for the immediately preceding three financial years on corporate social responsibility activities. The CSR activities should not be undertaken in the normal course of business and must be with respect to any of the activities mentioned in Schedule VII of the 2013 Act. The activities covered under CSR umbrella include socially relevant areas like preventive healthcare, promoting education, agriculture, road safety, rural development projects etc. The complete list is available Sch 7- Companies Act.
CSR today redefines the role of the corporates over and above their old philanthropic practices to their unique ability to give back to the society, driving prosperity and creating sustainable solutions. Companies are recognized by the transformation they create, not necessarily the cash they spend. Hence, to create "impactful solutions" good companies drive CSR activities as an integral part of their business strategy with the same passion, focus, and commitment as the commercial side of their businesses. CSR collaborations provide a platform to happily marry the solution providing the strength of academia with the transformational capability of industry to create scalable solutions. This quest for societal improvement also brings industry and academia closer to become valued and trusted partners while strengthening a talented and responsive network to serve "innovation-hungry" global marketplace. Jointly executing social projects also help partners build basic foundations to successfully establish long-term strategic business partnerships.