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Corporates’ CSR spend can act as supportive expenditure: Jaitley (Lead)
New Delhi, Sep 26 (IANS) Finance Minister Arun Jaitley on Tuesday said the CSR spend of corporates, which has become functional in the last three-to-four years after the Company Law was amended, can significantly support the public expenditure of the government.
“Governments at the Centre and in states spend money. If this (corporate social responsibility spend) comes as supportive expenditure, it can add significantly,” Jaitley said at the Axis Bank CSR programme here.
He said that in 2013 when the Company Law was amended and CSR (corporate social responsibility) was made mandatory out of profits, it was thought to be an additional tax by a section of the industry. “That was the first reaction.”
“But in these three-to-four years, we have seen it function,” Jaitley said.
Elsewhere in developed economies, corporate charity was always a very important instrument of service, he said.
“Conventionally that didn’t exist in India. Charity in India was always identified with communities. It was only in the last decade or so that the concept of service to society through corporate instrumentalities begun.”
The Finance Minister added that the choice of destination where the CSR spend should go is extremely important.
“There are a number of obvious areas where improvement is required. There are areas in geographical and social sectors, which are more challenging to reach,” he said referring to the Axis Bank’s CSR project which is targeted towards the upgradation of over a 104 schools in the areas surrounding Leh and Kargil in Jammu and Kashmir.
“CSR initiative of Axis bank has reached the most disadvantaged part of India. People representing these regions explain how everything located at distance costs more. And the ability to generate more income to match this cost is not there.
“Being smallest, Leh and Ladakh’s voice is less audible than the other regions. Axis Bank has done a commendable service by bringing the region to the forefront. Spending the large part of CSR resources in upgrading the schools is an extremely important step,” he said.
Jaitley said education was an important sector for CSR activities.
“Education is actually a great leveller and the level playing field can be provided by either state assistance, corporate assistance through CSR or promoting industries like tourism,” he said.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.