CSR to fund technological innovations

CSR to fund technological innovations – In 2019, Finance Minister Nirmala Sitharaman said that the scope of corporate social responsibility (CSR) would be broadened to allow businesses to support government-supported incubators, institutions sponsored by the federal and state governments, and public utilities in research and development. 
 
Additionally, any gifts to public universities, such as the IITs, could be considered CSR. This has opened up intriguing opportunities for businesses to move away from traditional CSR practices such as donating to NGOs and charities, contributing to disaster relief funds, or establishing short-term CSR campaigns and projects. 
 
Isn’t it more thrilling to invent new technologies that shift our problem-solving paradigm than it is to implement existing technology solutions? 
 
CSR is fueled by two things. For starters, it’s a legal concern. CSR initiatives must account for 2% of most Indian companies’ average net profits over the last three years. 
 
Second, it is increasingly being used to assist firms to develop a positive brand identity and complying with ESG regulations. As stakeholders have become more aware of and interested in social concerns, brand image has become more important. Employees, investors, and consumers are now seeking companies that are just as engaged in and committed to doing good as they are.

CSR to fund technological innovations

As a result, corporate India is attempting to project a more comprehensive brand image to the general population. Despite this increased awareness, the problems persist in choosing suitable partners and initiatives, as well as selecting long-term meaningful, scalable, and self-sustaining programs. 
 
The National Startup Day will be observed on January 16th, according to the Center. Most higher education institutions are surrounded by a robust and thriving start-up environment. These institutions are hotbeds of high-energy innovation and forerunners in the development of socially beneficial technology and inventions. 
 
CSR can be used in a variety of ways to support the tertiary education sector. Funds can be used to carry out socially important projects conceived by faculty members or to support scientific research that will provide the solutions to critical scientific questions underlying social issues. 

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