Corporate Social Responsibility (CSR) is a company’s sense of responsibility towards the community and environment in which it operates.
As per the Companies Act 2013, corporates are required to spend at least 2% of their profits every year on CSR. Skill development is fast emerging as one of the most preferred choices for CSR initiatives in India. CSR funding in education and skill development areas have increased by around 50% from 2073 crore in FY 2015-2016 to reach 3,121 crore in FY 2017-2018 - roughly accounting for one third of the total CSR money spent in the country.
Why do companies invest in skill development programme?
India enjoys a demographic dividend where more than 50% of its population is in a working age group. This unique demographic feature presents an opportunity for India to enhance its growth as well as source skilled manpower to the rest of the world. According to a report by the World Bank, it is estimated that during the next 20 years the labour force in the industrial world is expected to decline by 4% while in India it will increase by 32%. Hence a skilled and young population might make India a global sourcing hub for manpower.
Esta historia es de la edición June 1-15, 2019 de BUSINESS ECONOMICS.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición June 1-15, 2019 de BUSINESS ECONOMICS.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
Elections 2024: Illusion & Reality
Whenever there is an election, we find the politicians speaking in hyperboles – and possibly, 2024 Lok Sabha has reached a crest.
Government initiatives aim to bolster rubber cultivation and innovation
Rubber tree plantation has seen significant growth in India, thanks to robust government oversight and favorable weather conditions.
Macron speaks on Europe's economic fragility
Many heads of state often speak on topics over which they have little control or vested interest.
Indian industries stand to benefit in raising of tariff on Chinese imports to the US
A delicate balance of power and influence exists between the United States of America and China.
Chabahar Port Agreement: Part of India's strategic and economic vision for Central Asia and Europe
On May 13, India and Iran signed a 10-year contract to operate the Chabahar port in Iran.
It is quite incredible to see things of interest happen with the blessings of the divine trio
Swamiji once said, “The wind of divine grace is always blowing. You just need to spread your sail.
The battle for sustainability: Earth Day's message of 'Planet vs. Plastics
World Earth Day, observed annually on April 22 worldwide, commemorates contemporary environmental advancements and promotes awareness of the imperative to conserve Earth and its resources.
Mother Teresa International Award 2024: Celebrating Humanity and Service
The Mother Teresa International Award, a prestigious honor recognizing individuals dedicated to serving humanity, will host its 2024 ceremony in Dubai, United Arab Emirates.
Can India get out of the middle income trap?
In the mid-1980s, international financial institutions moved away from calling their member countries as poor and rich countries, or as developed and less developed countries.
How is India's falling household savings rate worrisome for its development?
There has been a sharp reduction in the household net financial savings rate in 2022-23, leading to an overall decline in the financial savings rate.
