Companies Should Not Be Legally Bound For CSR: Premji

Companies should not be legally bound for CSR, this should be the call of conscience: Premji.

Azim Premji, founder of IT company Wipro and one of the country’s biggest philanthropists, has termed CSR’s legal obligation as unnecessary.

Premji, who donated a total of Rs 7,904 crore last year, said on Saturday that companies should not be legally bound to Corporate Social Responsibility (CSR).

In an event organized by the All India Management Association (AIMA), Premji said, “The spirit of benevolence or charity towards society should be a call to conscience, it should not be imposed through any law from outside.

Although this is my personal view. ‘

Currently, CSR is a legal obligation for companies. Premji said that personal philanthropy should be seen as separate from the CSR of companies.

Describing the era of the Covid-19 epidemic as conscious, he said that this period has indicated the importance of investment in basic needs like health to bring equality and justice to society.

He said, “When I visit the work areas and see my team or team of colleagues dedicating themselves wholeheartedly to improving the standard of living of people, there cannot be a higher level of satisfaction than this.”

It is noteworthy that Premji played a key role in making vegetable oil manufacturing company Wipro a billion-dollar IT services company.

He is known as the wealthiest person in the country and the highest donor. He said that people should do charity wherever and whenever they get a chance. If needed, people should make an institution and support the programs.

Work with full passion and increase investment, contribute to making the country a high growth rate economy: Sitharaman

Finance Minister Nirmala Sitharaman has called on the private sector to work with passion and invest heavily.

She asked the industry to take full advantage of the corporate tax cuts last year and contribute fully to make the country the fastest growing economy in the world.

Addressing the industry at a program of All India Management Association (AIMA), the Finance Minister said that companies need to increase their capacity as well as the production of many items which are necessary for the economy.

The government has taken a number of steps to increase investment, corporate tax cuts, stability in policies, and ease of doing business and is now awaiting expansion by the private sector.