Maharashtra is trying to persuade companies to put money in the school system as part of their corporate social responsibility (CSR) spending, reinforcing the administration’s efforts to boost educational facilities in a state where 70% of schools are government-run.
This will leave only around Rs.6,790 crore for building new schools and facilities like science laboratories and toilets and to carry out repairs on existing infrastructure in the 100,000 schools run by the state government through zilla parishads (district councils).
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The new Companies Act requires corporate entities with a net worth of more than Rs.500 crore or revenue of more than Rs.1,000 crore or net profit of more than Rs.5 crore to spend at least 2% of their average net profits of the preceding three years on CSR
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According to Bloomberg data, India has 433 listed companies that match the criteria and whose combined net profit in fiscal 2013 was Rs.4.66 trillion. Maharashtra alone has 155 listed companies with a combined net profit of Rs.1.83 trillion. These companies will be setting aside around Rs.3,665 crore for CSR efforts.
anantjani.com 