New Delhi: Planning Commission member Mihir Shah will be president of a rural development ministry-initiated foundation that will support proposals from non-governmental organizations seeking to leverage funds through existing government programmes for their implementation.
The Bharat Rural Livelihood Foundation (BRLF), which will be set up as an autonomous registered society following the Cabinet’s approval on 3 September, plans to support availability of funds for projects by combining funding from the government, financial institutions and corporate social responsibility (CSR) budgets of companies.
“Private philanthropies, public and private sector undertakings and others will be encouraged to partner with the BRLF,” said the letter inviting Shah to lead the society in his private capacity.
The new company law recommends spending 2% of corporate profits on CSR.
It asks companies 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 2% of their average net profit over the three preceding years on CSR activities.