About 16,000 companies under the ambit of new Companies Act are estimated to pump in Rs 28,000 crore on Corporate Social Responsibility in the next financial year starting April 1.
The huge sum of money – estimated to be as high as Rs 28,000 crore - that is likely to flow in as part of CSR activity should be used on low-cost solutions to meet the crucial needs of the people, Telecom Minister Kapil Sibal said today.
About 16,000 companies under the ambit of new Companies Act are estimated to pump in Rs 28,000 crore on Corporate Social Responsibility in the next financial year starting April 1.
"According to the Indian Institute of Corporate Affairs, a minimum of 16,000 Indian companies fall under the ambit of the law and that entails approximately Rs 28,000 crore of funds that would be pumped into the system," Assocham President and Yes Bank MD & CEO, Rana Kapoor said at an event here.
Sibal, chief guest at the event, said that the amount is going to be huge and can be used for serving crucial needs of people in innovative ways.
He further said: "Instead of looking at cost structure and then finding the market, look at the market and then innovate cost structure. If you are able to do that, that will be true corporate social responsibility."
The minister cited the example of Aakash tablet where the cost worked out was based on the need for affordable computing devices for students.
"When I talked about it (Aakash), the world said that it cannot be done in India... Four big multinationals are part of tender, including Intel which said India cannot produce it. We are producing first Aakash 4 at Rs 3,500 without taxes and for about Rs 3,900 with taxes one tablet," he said.
Aakash tablet will support 3G and other network like any modern tablet PC, Sibal added.
"When you produce it in millions, the cost will come down to 2,000 and hopefully Rs 1,500," Sibal said.
The minister said that companies should look at basic need of people and make products that are affordable for them instead of looking at profit first.
"What happens in most businesses is that you have profit and then you say lets see the market that can serve this profit. That's the normal business model. Once I make that profit, I'll plough part of that profit back in society. I think this business model must change," he said.
Sibal said that as Minister of Science and Technology earlier he asked his officers to work out low cost battery operated rickshaw that can solve the problems of rickshaw pullers who at early age start suffering from tuberculosis.
"I saw rickshaw puller in Chandni Chowk at very young age get TB because there is so much pollution and when they gasp for breath, all that intake results in TB. We started with a thought, got design in 6 months and thousands of battery operated rickshaw are now plying on roads of Delhi. We didn't look here for business first," Sibal said.
He said there are about 800 million people in India who have little to afford but who have the possibility of being customers, provided the cost of products is right.
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