CPI(M) politburo member Brinda Karat today said the corporate sector can spend more than two per cent of their profit as they have the responsibility to pay back the society and the workers.
Her response comes a day after Ratan Tata, chairman emeritus of the Tata Group, had said philanthropy or giving something came from within and the mandated two per cent spending on corporate social responsibility (CSR) was like tax.
"Unfortunately, philanthropy does not grow naturally in the heart of every corporate and spending two per cent of their profits is too a meager amount.
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"They do have a social responsibility in linking their profits to pay back to the society and the workers from whom they take work," Karat said.
The CPI(M) said in Ranchi that spending of two per cent of their profits on CSR was very low as the corporate sector could spend more.
