A Study on Companies Contribution towards the Sector Improvisation through CSR Activities by Prominent IT Sector CompaniesJournal: International Journal of Science and Research (IJSR) (Vol.9, No. 12)
Publication Date: 2020-12-05
Authors : Poornima Karthikeyan;
Page : 1394-1400
Keywords : CSR; Legislature; Sectors; Strategies; Sustainable goals JEL CLASSIFICATIONFINANCE;
Wealth and Knowledge have to be shared Corporate social Responsibility is moving forward from its old domain charity and philanthropy and it has now reached the responsibility towards the social issues of the country. It is also to contribute to the social, economic, environment development and society as a whole. However, it is not only for the business to buy and sell their products and earn profit. It is mandatory that All Qualifying Company require to have a CSR committee to have a CSR committee are required to spend at least 2 % of its average net profit for the directly preceding three financial years on CSR activities. With the enactment of the Companies Act in 2013 the concept of CSR has undergone radical changes in outlook and content. The Committee which is constituted by Government of India to draft the companies act deliberated time and again they need to include CSR in Company Law. In this paper the attempt has to be made to examine certain aspects of CSR and its effect on the relevant sector of the economy. It is also to examine whether the corporates have implemented CSR keeping in view a legislative extension. Identify the companies which are not spending 2 % of their average net profit on CSR initiatives. . Finally, an attempt has been made to examine the effect on various sectors benefit from CSR spending. The Study is Analytical in Nature collected data has been analyzed and carrying out analyses on a phenomenon and mostly involves secondary data. Descriptive method of analyses has also been carried out that describes the characteristics of the population. Judgmental sampling method is used as sampling technic a non-probability sampling technique where the selected IT Companies have been taken as sample based on the knowledge and professional judgment there appears to be a skewed allocation of funds by corporates to various sectors craving for funds.
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