Hyderabad: Expressing unhappiness with the poor flow of CSR funds into the state, Telangana Chief Minister A Revanth Reddy has stressed that state-based firms should spend at least 50 per cent of their social responsibility fund within the state.
He directed officials to take measures like drafting a new policy to see that the firms spend their funds within the state.
During a meeting on Corporate Social Responsibility (CSR) funds, officials apprised the chief minister that the state shares a mere 3 per cent of total CSR spending at the national level.
“Expressing unhappiness with the poor flow of CSR funds from the Telangana’s industrial sector into the state, the CM stressed that the state needs to receive a greater share of CSR funds and also their utilisation,” an official release issued on Thursday said.
“Firms in the state should spend 50 per cent of CSR funds here,” the release quoted the CM as saying.
CM asks for spl policy
Reddy directed officials to introduce a special policy for effective utilisation of CSR funds and to seek more funds from corporate companies and industries, it said.
In a move to encourage the companies to provide more CSR funds, he instructed officials to organise annual events to felicitate the managements and representatives of firms that contribute more CSR funds to the state during the Telangana formation celebrations in June.
The chief minister also decided to establish a dedicated cell in the state to coordinate CSR initiatives currently being implemented by corporate companies within the state, as well as compile information on projects across various government departments suitable for execution through CSR funding, it said.
Dedicated portal
The creation of a dedicated ‘Telangana CSR Portal’ was also approved during the CM’s review meeting with officials.
The portal would serve as an important link between the government and corporate entities. It would also feature comprehensive details of various projects—spanning across different government departments—that are open for corporate funding through CSR contributions, the release said.
The chief minister further instructed officials to study the strategies adopted by other states for mobilising CSR funds, the release added.
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