India allows companies to spend more on incubators |
In a bid to revitalise the higher education sector in India and to forge stronger linkages between industry and academia, the government has redefined the scope of 2% mandatory corporate social responsibility contribution made by companies. Now, companies can spend their contribution on centrally funded and state-funded academic institutions, universities and incubators. Firms can now spend on institutions engaged in conducting research in science, technology, engineering and medicine, which is aimed at promoting sustainable development goals. Before this circular, companies were allowed to provide CSR funds to tech incubators located within centre-approved academic institutions. These contributions can be made to public funded universities and IITs. It also includes national laboratories and autonomous bodies under the Indian Council of Agricultural Research (ICAR), Indian Council of Medical Research (ICMR), Council of Scientific and Industrial Research (CSIR), Department of Atomic Energy (DAE), Defence Research and Development Organisation (DRDO), Department of Science and Technology (DST), and ministry of electronics and information technology. India is the first country in the world to make CSR mandatory for all profit making companies meeting a certain threshold under the Companies Act, 2013.
|
|
|
|