Category : Business and economicsPublished on: June 29 2023
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The Union Minister of Ports, Shipping & Waterways and Ayush, Sarbananda Sonowal, has introduced a set of new corporate social responsibility (CSR) guidelines called 'Sagar Samajik Sahayog' by the Ministry of Ports, Shipping & Waterways.
Under the new CSR guidelines, ports in India will allocate a specific percentage of their net annual profit towards CSR activities.
The allocation will be based on the turnover of each port for the year.
Ports with an annual turnover of less than Rs 100 crores will allocate 3-5% of their net annual profit towards CSR initiatives.
Under CSR, companies integrate social and environmental concerns with their business partners with their stakeholders.
It is regulated under Section 135 of the Companies Act, 2013.
India is the first country in the world to make CSR mandatory.
