Union Heavy Industries Minister Praful Patel today batted in favour of making CSR spends mandatory for private companies, saying it is necessary for the up liftment of people.

Mr Patel told reporters that "I think the corporate sector cannot avoid the responsibility of bringing about change in our country and should support initiatives not only of the government but also outside the government.”

Mr Patel after inaugurating the National CSR Hub at the TATA Institute of Social Sciences said that "It is not the government's responsibility alone which can ensure change in our country. Corporate sector should also help.”

Speaking to reporters Mr Patel said the very purpose of mandating companies both private and government owned is to deliver the benefits of overall economic progress which the country has made to the backward people. He added the Department of Public Enterprises under his Ministry will be working proactively and will see to it that the state-owned companies meet their CSR targets.

Mr Patel's remarks come within a month of Corporate Affairs Minister Mr Murli Deora favoring CSR spends of 2% of net profits in the new Companies Bill. Mr Deora's comments were met with sharp criticism from India Inc, with many calling it as retrograde".
(Sourced from BS)