A new beginning has been made in the past four years in India regarding Corporate Social Responsibility, said Finance Minister Arun Jaitley. He was addressing a function in AIIMS New Delhi yesterday.
Jaitley said social sectors in India get funded more on a community basis except for this new beginning.
These endowments come from their alumni. Once they are successful in life, they keep supporting the institutions. Jaitley said, some IITs have started that experiment now in the country, but still it is not very largely prevalent.
Talking about ways of funding for India’s healthcare and educational bodies as against the global ways, the Minister said, most hospitals and educational institutes in developed countries get large endowments.
Corporate social responsibility is a broad concept that can take many forms depending on the company and industry. Through CSR programs, philanthropy, and volunteer efforts, businesses can benefit society while boosting their own brands.