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New CSR policy released by Port Ministry

New CSR policy released by Port Ministry

According to the information provided, the Union Minister of Ports, Shipping and Waterways, Sarbananda Sonowal, launched new guidelines for Corporate Social Responsibility (CSR) for the ministry. These guidelines empower ports to directly undertake CSR activities. The aim is to promote community welfare and allow local communities to participate in development initiatives.

The guidelines specify that each major port will have a Corporate Social Responsibility Committee headed by the Deputy Chairperson of the Major Port, along with two other members. The committee will be responsible for planning and implementing CSR projects. Ports will prepare a Corporate Social Responsibility Plan annually, integrating CSR activities with the business plan and considering social and environmental concerns related to the port’s operations.

The new CSR guidelines also outline the allocation of funds. The CSR budget will be created as a percentage of the net profit, and the percentage will vary based on the annual net profit of the port. Ports with an annual net profit of Rs 100 crores or less can allocate between 3% and 5% for CSR expenses. Ports with a net profit between Rs 100 crores and Rs 500 crores can allocate between 2% and 3%, with a minimum of Rs 3 crores. Ports with an annual net profit above Rs 500 crores can allocate between 0.5% and 2% of the net profit for CSR expenses.

The statement also highlights the allocation of funds within the CSR expenses. It specifies that 20% of CSR expenses must be earmarked for the Sainik Kalyan Board at the district level, National Maritime Heritage Complex, and National Youth Development Fund. The remaining 78% of funds should be directed towards social and environmental welfare activities such as drinking water, education, vocational training, skill development, renewable energy sources, healthcare, promotion of livelihood for economically weaker sections of society, community centers, and hostels.

These new guidelines aim to make CSR a major catalyst for positive change and development in the lives of people. By involving local communities and aligning CSR activities with the needs of the community, the Ministry of Ports, Shipping and Waterways seeks to promote maximum governance and empower individuals and institutions in line with the vision of Prime Minister Narendra Modi for a self-reliant India (Atmanirbhar Bharat).

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