CSR spend on R&D should grow
CSR spend – Nirmala Sitharaman, the union finance minister, emphasized the necessity of continuing to use corporate social responsibility (CSR) money for research and development (R&D) on Sunday in order to promote innovation and make it easier for business and academia to collaborate.
Every corporation is required by the applicable regulations to invest 2% of the average net earnings generated over the previous three years in CSR initiatives.
“Such SCR expenditure on research is yielding significant results and it should be sustained. I believe that the policies of the Indian government has also contributed to progress in these areas, the minister remarked.
She discussed how to make CSR more relevant and facilitate long-term research collaboration with a variety of corporate leaders and students during a CSR conference conducted at the Indian Institute of Technology Madras (IIT Madras).
R&D has received funding of Rs. 27,000 crore from the department of science and technology (DST) exclusively through the IITs. Additionally, DST has invested Rs 53,000 crore in inventions across the nation through universities other than IIT. Startups receive a nearly 80% cost-rebate on patent applications. India has always made investments in knowledge, and this government has been looking at ways to make India a knowledge-based society since 2014, she said.
Separately, Sitharaman stated at the laying of the foundation stone ceremony for the nine-story “Vaigai” Customs House Complex that the government is dedicated to enhancing trade facilitation for all stakeholders, including employees of the Customs Department and those involved in the trading communities.
The nation genuinely stands to gain from trade facilitation and also to set standards on how its customs or tax officials and their workplaces, she added.
Today, she said, focus is placed on building energy efficiency in addition to new building development to ensure that no one is harmed or polluted.