Innovative Financial Advisors Pvt. Ltd. (Fiinovation) is an Indian research based organization started in 2008 with the head office in New Delhi.
CSR – Scope and Options
CSR initiatives do not simply stop with donations to charity or funding the education of needy children. All projects or programs that are aimed at addressing social, environmental or economic concerns fall under the scope of CSR. Initiatives focused on providing or improving Basic Healthcare, Mother and Child Welfare, Gender Equality, Education, Initiatives to help people in lower strata of society, Eradication of hunger and poverty, Environmental health, Preservation of natural resources, and contributions to State run relief funds are but a few causes that qualify as CSR activities. Companies can direct their efforts towards such initiatives in order to fulfil their CSR obligations.
With scope of CSR activities broadly defined, it is up to the company to decide on the causes it wishes to support, based on its core values.
How to decide on the right CSR initiative?
As noted options are aplenty, especially in the Indian context, where there is much work to be done to improve quality of life of the common man, and in general adopt more sustainable business practices. It is important to note that investments towards social causes that translate as direct benefits to the business are not recognised as CSR spending.
According to the Indian Companies Act, companies must first direct CSR efforts towards alleviating socio-economic, environmental or other areas of concern in different areas they function, rather than taking up CSR projects somewhere across the country. Localizing CSR programs often prove effective as it is not only easy to understand and identify with the problems, but also implement them and track their progress better.
That said; let’s look at some typical categories of social responsibilities that companies support.
Identifying a social cause and donating to charities involved in addressing the cause is probably a simple and easy option available for companies to fulfil their CSRs.
Right from using natural resources in a judicious manner and tapping renewable sources of energy, to effective effluent and waste management, companies can bring about a significant change in their daily operations to lighten the burden on the environment.
Human Rights and Ethics
The scope of human rights and ethics is indeed vast. Efforts to ensure fair treatment and pay across all levels of the workforce without any discrimination, is actually a basic requirement and not really CSR. But going the extra mile to eliminate child labour and poor working conditions and paltry wages especially if work is outsourced could prove a worthy initiative.
Honing academic knowledge and vocational skills and creating job opportunities in and around the Company’s area of operation enables local communities to thrive and prosper. Adopting entire villages and working out plans to improve the local economy also prove a satisfying cause.
Investing efforts, funds and time towards the most viable and rewarding CSR initiatives requires extensive ground work. Most importantly the chosen initiative must satisfy the criteria outlined by the Indian Companies Act to be recognized as CSR. Availing the services of professional CSR consultants such as Fiinovation can help companies chart out a clear CSR programme that falls in line with the stipulated CSR regulations.
Why we are best at what we do
We, Fiinovation established in the year 2009 with the aim to construct a balanced economic status among the citizen. India is a developing country and on a way to become the power house of the world but still more than 50% people are reliable on primary services that are farming. Though we became an IT giant and have the biggest film industry in the world but at the same time we have absolutely large number of people below the poverty line.
As per the economic survey, there is a huge disparity among the people in India. Here, 5% of high net individuals dominate 68% of the total national wealth and 76.3% of the total wealth of Indian economy is with 10 per cent individuals.
All these above circumstances lead to the development of mandatory system which in the year 2013 converted in to law. The company act 2013, forced every big scale company which has a net worth of Rs 500 crore or more, total turnover of Rs 1,000 crore or more, or net profit of Rs 5 crore or more, in any of the financial year needs to spend at least 2% as Corporate Social Responsibility and Sustainability.
We are a leading consultancy, operating in various streams of social welfare sector with emphasis on CSR. Our aim is to develop those sections of society who are highly deprived and oppressed. As part of our job we help corporate to channelize their resources on social, economical and ecological aspects within the domain of CSR charter mentioned in the act. We have successfully managed to form a bridge between corporate and social communities to implement CSR goals.
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