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The Confederation of Indian Industry (CII) on Wednesday called for more cooperation between corporates and the government in the North East states of India.
It launched a project, North East CSR Connect, to increase Corporate Social Responsibility (CSR) spending in the region and showcase its economic and security importance.
A spokesperson of the industry body told Business Standard that currently, CSR spending on the North East region is less than 3 per cent of the total such spending in the country. The project aims to increase this number.
"While the government is working on the development of the region, it is also important for corporates to participate," they said.
Over the next 5–6 years, the industry body will work with around 100 non-government organisations (NGOs) in the region and build their capacity to attract more funds from corporate India.
Moreover, CII would also keep showcasing the requirements of the North East region and evaluate the impact of funds used there.
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It has also organised a two-day conclave in New Delhi to shed light on the North East region.
As per the policy in India, the board of directors needs to make sure that their company, every year, spends a minimum of 2 per cent of the average net profits made during the three preceding financial years on CSR activities.
R Mukundan, vice-president, CII and managing director, Tata Chemicals Limited, said that over the last 10 years, the journey of CSR has moved from a 2 per cent compliance-oriented approach to increased focus on transparency and an impact orientation.
"Companies are taking an active role in tracking key metrics to measure how their CSR initiatives are impacting the communities they serve," he said.
Chanchal Kumar, secretary, Ministry for Development of North Eastern Region, added that there is a need to mobilise additional resources for the North East and that the infusion of private funding is "likely to hasten the development of the region".
"State governments here should develop a repository of investible projects for each state for attracting CSR investments," he said.
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