Committees Current Affairs - 2019

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Government sets up Injeti Srinivas High Level Committee on Corporate Social Responsibility

The Union Ministry of Corporate Affairs (MCA) has constituted High Level Committee on Corporate Social Responsibility – 2018 (HLC-2018) under Chairmanship of Injeti Srinivas, Secretary, MCA. It will review existing framework and guide and formulate roadmap for coherent policy on Corporate Social Responsibility (CSR).

Committee’s Terms of Reference

It will review existing CSR framework as per Act, Rules and Circulars issued from time to time and recommend guidelines for better enforcement of CSR provisions. It will analyze outcomes of CSR activities, programmes and projects and suggest measures for effective monitoring and evaluation of CSR by companies. It will also give suggestions on innovative solutions, use of technology, platform to connect stakeholders, and social audit. It will submit its report to Government within three months from date of holding its first meeting.

Corporate Social Responsibility (CSR)

CSR is referred as initiative undertaken by CST to assess and take responsibility for company’s effects on environment and impact on social welfare and to promote positive social and environmental change. Its basic philosophy is that income is earned only from the society and therefore it should be given back. Thus, CSR aims at promoting responsible and sustainable business through inclusive growth.

The provisions of section 135 of Companies Act, 2013 (Act) pertains to CSR. The existing provisions of in Companies Act, 2013 fully empower Board of Company to decide on their CSR Policy, approve projects and oversee implementation. Under this Act, any company with net worth of Rs 500 crore or more or turnover of Rs 1000 crore or more o net profit of Rs 5 crore or more has to spend at least 2% of last 3 years average net profits on CSR activities as specified in Schedule VII of Act.

Month: Categories: Governance & Politics

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Government constitute 21-member Prime Minister’s Science, Technology and Innovation Advisory Council

Union Government has constituted new 21-member advisory panel on science, technology and innovation called Prime Minister’s Science, Technology and Innovation Advisory Council (PM-STIAC). It will be headed by Principal Scientific Advisor to government K Vijay Raghavan. It will replace earlier Scientific Advisory Committee to Prime Minister and to Cabinet.

PM-STIAC

The council will advise PM on science, technology, as well as innovation. It will also coordinate implementation of PMs scientific vision. It will actively aid in formulation and timely implementation of major science and technology missions and evolve interdisciplinary technology development programmes.  It will also advise government on developing ‘Clusters of Excellence’ in science including city-based R&D clusters. It will work to bring together all science and technology partners from academia and institutes to industries near such centres or cities.

Composition of PM-STIAC

It has nine members, including Chairperson. Apart from nine members, it will also have twelve special invitees — eleven ex officio secretaries 10 central ministries, related to science, technology, energy and education, are special invitees to the panel. Members of PM-STIAC are including Dr VK Saraswat (member of NITI Aayog and former director general of Defence Research and Development Organisation), Dr AS Kiran Kumar (former chairman of Indian Space Research Organisation), Maj Gen Madhuri Kanitkar (dean of Armed Forces Medical College, Pune), Manjul Bhargava (professor at Princeton University and a Fields medal winner), Subhash Kak (professor at Oklahoma State University), Baba Kalyani (managing director of Bharat Forge), AS Kiran Kumar (former ISRO chief) and Ajay Sood (Professor at Indian Institute of Science, Bengaluru).

Month: Categories: Science & Technology

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