Now Reading: Maharashtra sets up MahaCSR Authority with CM as chairperson
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Maharashtra sets up MahaCSR Authority with CM as chairperson
The Maharashtra government will set up a MahaCSR Authority, headed by Chief Minister Devendra Fadnavis, to coordinate and monitor Corporate Social Responsibility (CSR) funds in the state. The decision was taken at…
The Maharashtra government will set up a MahaCSR Authority, headed by Chief Minister Devendra Fadnavis, to coordinate and monitor Corporate Social Responsibility (CSR) funds in the state. The decision was taken at a meeting at the Sahyadri state guest house on Friday.
Fadnavis said the authority will create a quality project bank of government priority projects for companies and NGOs, and guide small and medium enterprises eligible for CSR funds to select suitable projects. He also directed studying a 'Diaspora Connect' concept to raise CSR funds from overseas Maharashtrians.
The Higher and Technical Education Department has proposed providing 'pocket money' to 12 lakh girl students under the 'Earn while you learn' scheme using CSR funds. Fadnavis also stressed maintenance of CSR-built projects, noting that many become defunct due to lack of upkeep funds.
Indian Opinion Analysis
CSR funds in India are mandated under the Companies Act, 2013, requiring firms above certain profit thresholds to spend at least 2% of average net profit on social welfare. Maharashtra is among the largest contributors nationally, with annual CSR flows estimated at several thousand crore rupees. A single nodal authority could reduce duplication and channel funds to state priority areas like education, health, and infrastructure. However, the success will depend on how transparently the project bank is curated and whether it avoids political favouritism. The next step is to draft the authority's structure and notify it under state rules, likely within this financial year.
Source: timesofindia.indiatimes.com
This story was synthesised by AI from the source linked above.
