The Union Minister of Ports, Shipping & Waterways Sarbananda Sonowal, has unveiled the new corporate social responsibility (CSR) guidelines called ‘Sagar Samajik Sahayog’ by the Ministry of Ports, Shipping & Waterways.
Key points
- These guidelines aim to empower ports to address local community issues in a more cooperative and swift manner.
- Under the new guidelines, ports in India will allocate a specific percentage of their net annual profit towards CSR activities.
- The CSR budget for ports will be based on their respective turnover for the year, the division will be as follows: Ports with an annual turnover of less than Rs 100 crores will spend 3-5 per cent on CSR, Ports with a turnover between Rs 100 to 500 crores will spend 2-3 per cent Ports with a turnover exceeding Rs 500 crores will spend 0.5-2 per cent.
- Two per cent of the total CSR expenses will be dedicated to project monitoring by the ports in order to ensure effective implementation and monitoring of the respective CSR projects.
