PNS | Bhubaneswar
The State Government seems to have developed a new policy for corporate social responsibility (CSR) expenditures of the mega industries. It follows the model laid by the Supreme Court in the case of Lanjigarh-based alumina project of Vedanta Resources. The annual CSR expenditure will not be below 5 per cent of the profit or Rs 10 crore, whichever is more.
While clearing the lease of Potangi bauxite mines to Nalco, the Chief Minister has made the new policy applicable to this Nav Ratna PSU. So, by now, the new model has been applied to a private company and a Central PSU. However, there is no clear order issued to other mega industries receiving such favours as in the cases of Vedanta and Nalco. Economic analysts are of the view that the Chief Minister is bound to extend the CSR stipulations to all and sundry.
New mega projects, which are coming up in the State, should also earmark 5 per cent of their profits for CSR when in production, said a social activist, adding that to force their hands it should be incorporated as a condition while favouring them with mining leases.
“In fact, this should find a place in the Industrial Policy Resolution (IPR) of the State,” said a senior BJD MLA. Accordingly, an enactment might be made in the State Assembly to make it legally binding, he pointed out.
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