The Union Minister of , Shipping & Waterways and Ayush, Sarbananda Sonowal, has unveiled the new corporate social responsibility (CSR) guidelines called ‘Sagar Samajik Sahayog’ by the Ministry of Ports, Shipping & Waterways. These guidelines aim to empower ports to address local community issues in a more cooperative and swift manner.
Under the new guidelines, ports in India will allocate a specific Percentage of their net annual profit towards CSR activities. The CSR budget for ports will be based on their respective turnover for the year, the division will be as follows:
Ports with an annual turnover of less than Rs 100 crores will spend 3-5 per cent on CSR
Ports with a turnover between Rs 100 to 500 crores will spend 2-3 per cent
Ports with a turnover exceeding Rs 500 crores will spend 0.5-2 per cent.
Two per cent of the total CSR expenses will be dedicated to project monitoring by the ports in order to ensure effective implementation and monitoring of the respective CSR projects.