Telangana govt to formulate special policy to attract more CSR funds

Hyderabad, March 26 (IANS) Telangana Chief Minister A. Revanth Reddy said on Thursday that the state government will introduce a special policy to get more Corporate Social Responsibility (CSR) funds and to ensure their effective utilisation.

In a move to encourage the companies for giving more CSR funds, the Chief Minister directed the officials to organise annual events to felicitate the managements and representatives of the companies, which contributed more CSR funds to the state.

The arrangements for the felicitation ceremony should be made as part of the State Formation Day celebrations.

According the Chief Minister's Office, Revanth Reddy also decided to establish a dedicated CSR cell at the state level with a separate office.

It will be responsible for coordinating CSR initiatives currently being implemented by corporate companies within the state, as well as compiling information on projects available across various government departments that are suitable for execution through CSR funding.

The creation of a dedicated 'Telangana CSR Portal' was also approved during the review meeting conducted by the Chief Minister.

The portal will serve as an important link between the state government and corporate entities.

The portal will also feature comprehensive details of various projects -- spanning across different government departments -- that are open for corporate funding through CSR contributions.

Chief Minister Revanth Reddy emphasised that the portal should be designed in an engaging and user-friendly manner, enabling corporate firms to easily connect with the state government and select projects that align with their specific interests and objectives.

During the meeting, the state government officials apprised Chief Minister Revanth Reddy that the state's share of CSR contributions currently stands at a mere three per cent of the total CSR contributions in the country.

Expressing discontent with the poor flow of CSR funds from the state industry, the Chief Minister stressed that there is a need for the state to receive a greater share of CSR funds and also the utilisation.

The state government officials were directed to take strict measures in this direction.

The officials were also asked to take measures to ensure corporate companies and industries in the state provide more CSR funds and spend them within Telangana.

Chief Minister Revanth Reddy instructed officials to study the strategies adopted by other states for mobilising CSR funds.

He stressed that the new policy should be formulated to facilitate an increase in the share, advocating for the adoption of approaches designed to attract corporate entities.

--IANS

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