‘Corporate social responsibility funds can be used even for government projects’

KOCHI

: Corporates can use their

corporate social responsibility

(CSR) funds even for government projects involving private support, said Indian ambassador to the Netherlands, Venu Rajamony.


Speaking after inaugurating the first CSR Conclave organized by the Kerala Management Association (KMA) here on Friday, he said that the CSR Act is one of the most revolutionary legislations introduced in India recently. Around Rs 12,000 crore has been generated since private and government corporations set aside 2% of their profits for social projects. But this amount must reach more and more people, he said.

Kerala is not among the top states in terms of CSR activity. In the coming days, Kerala should turn into a model state in this field too. One should study how the funds are being used globally for this purpose. For this, the state can seek help from the United Nations, World Bank and the

Asian Development Bank

, Rajamony said.

V-Guard group chairman Kochuouseph Chittilappilly cautioned against the fraudulent use of CSR funds. Confederation of Indian Industry southern region cheif Navas Meeran said the challenge for corporates was to find good projects to utilize the funds.

KMA president Vivek Krishna Govind also spoke at the function attended by CSR Conclave chairman V George Antony and KMA secretary R Madhav Chandran .

KMA honoured Federal Bank CEO Shyam Srinivasan with the Management Leadership Award. Marlabs Group chairman Siby Vadakekkara was given the IT Leadership Award while the manager of the year award went to Johnson Mathew, VP (HR) of Popular Vehicles and Services Ltd.