Corporate Social Responsibility Current Affairs - 2020

Future Skills: Wipro, NASSCOM launch platform to train 10,000 engineering students

Information Technology firm Wipro has partnered with IT body NASSCOM (National Association of Software and Services Companies) to launch a skilling platform called ‘Future Skills’ for new age technologies such as Artificial Intelligence (AI), Internet of Things (IoT) that will reach 10,000 students from over 20 engineering colleges in India.

About ‘Future Skills’ Platform

The initiative is a part of Wipro’s Corporate Social Responsibility (CSR) programme, TalentNext which aims to enhance quality of engineering education by preparing faculty and academic leaders to train students.

Future Skills is a new age platform built to bridge industry-academia skill gap as well as help students keep pace with emerging technologies like- AI, IoT, Big Data, Cloud Computing and Cybersecurity – to make them future-ready. It will create a talent pool of students, certified by Wipro and NASSCOM.

The platform enables learning the skills required in emerging technologies and more importantly, it helps individuals develop an aptitude for learning. It allows content and people to come together as well as allows curation and learning at one’s own pace.

NASSCOM aims to add 90 million working professionals to industry by 2030, and the partnership with Wipro will ensure they possess the right skills to be employed.

Get these updates on Current Affairs Today Android App

High Level Committee recommends CSR expenditure to be made tax deductible

High Level Committee (HLC) on Corporate Social Responsibility (CSR) constituted by Ministry of Corporate Affairs recommended making CSR expenditure tax deductible and to make compliance violations as a civil offence that attracts penalties. Corporate Affairs Secretary Injeti Srinivas presented the Report of the High Level Committee on CSR to Union Finance Minister Nirmala Sitharaman.

High Level Committee on CSR was constituted in October 2018 under Chairmanship of Secretary (Ministry of Corporate Affairs) to review existing CSR framework and make recommendations on strengthening CSR ecosystem, including implementation, monitoring and evaluation of outcomes.

Key Recommendations of Committee

Make CSR expenditure tax deductible.

Allow carry-forward of unspent balance for a period of 3-5 years.

Allow CSR in social benefit bonds.

Promote social impact companies.

Third party assessment of major CSR projects.

Align Schedule 7 of Companies Act (which outlines the kinds of activities that qualify as CSR) with United Nations Sustainable Development Goals (SDG).

Companies that have a CSR-prescribed amount less than Rs.50 lakh may be exempted from constituting a CSR Committee.

Violation of CSR compliance may be made a civil offence and shifted to penalty regime.

It also recommends registration of implementation agencies on Union Ministry of Corporate Affairs (MCA) portal.

Balancing priorities: Report recommends balancing local area preferences with national priorities when it comes to CSR. It also suggests introducing impact assessment studies for CSR obligations of Rs.5 crore or more.

Develop CSR exchange portal to connect contributors, beneficiaries and agencies.

Committee report emphasizes on not treating CSR as a means of resource gap funding for government schemes.

Get these updates on Current Affairs Today Android App