Firms to pump in Rs 28,000 crore in CSR activities in FY '15: Sibal

Firms to pump in Rs 28,000 crore  in CSR activities in FY '15: Sibal

The huge sum of money — estimated to be as high as Rs 28,000 crore — that is likely to flow in as part of CSR activity should be used on low-cost solutions to meet the crucial needs of the people, Telecom Minister Kapil Sibal said on Tuesday.

About 16,000 companies under the ambit of new Companies Act are estimated to pump in Rs 28,000 crore on Corporate Social Responsibility in the next financial year starting April 1.

"According to the Indian Institute of Corporate Affairs, a minimum of 16,000 Indian companies fall under the ambit of the law and that entails approximately Rs 28,000 crore of funds that would be pumped into the system," Assocham President and Yes Bank MD & CEO Rana Kapoor said at an event here.

Sibal, chief guest at the event, said that the amount is going to be huge and can be used for serving crucial needs of people in innovative ways.

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