It probably needed the heart wrenching sights of the migrant workers to loosen the purse strings of India Inc. The money is pouring in and it feels very good to know that money the private sector is helping.
The Govt did the smartest thing, probably one of the best by saying that donations made to the Prime Minister’s emergency fund set up to fight the Covid-19 pandemic will qualify as corporate social responsibility (CSR) spending that companies are mandated to make.
As per the rules, it is mandated that businesses with a net worth of at least Rs.500 crore or revenue of Rs.1,000 crore or net profit of Rs.5 crore should spend a minimum of 2% of their net profit on CSR. Any lapse in meeting this obligation should be explained in the annual financial statement. And the small trickle of help, is now swelling.
Today, lets concentrate on the goodness and stop for some time being scared and getting spooked by virus. One day at a time…
Lets take a look today of how India Inc is stepping up these times:
Tata’s were among the first, they did not need the nudge from the Govt; they have gone all out, opened their vault – committing Rs.1500 crore to fight the virus via Tata Sons and Tata Trust.
ITC pledged Rs 150 crore to enable “frontline warriors” in the fight against coronavirus
Mahindra and Mahindra or M&M has started to work with two large PSUs to help them to simplify design and scale-up capacity to make ventilators. Along with that, they are also working on an automated version of the Bag Valve Mask ventilator (commonly known as Ambu bag).
Maruti Suzuki and Tata Motors have extended to help ventilator manufacturers by aiding them with support items. BHEL, Reliance have also extended their support for the same.
RIL has also enhanced its production capacities to produce one lakh face-masks per day and a large number of personal protective equipments (PPEs) such as suits and garments for health workers across India. It has also, in collaboration with the BMC has set up a dedicated 100-bedded centre at Seven Hills Hospital in Mumbai. Reliance Foundation will provide free meals to people across various cities in partnership with NGOs during the crisis situation. also announced free fuel for all emergency service vehicles in the country. Reliance Retail has also announced longer hours from 7 am to 11 pm at its outlets for customers.
Godrej Group and other FMCG players like Hindustan Unilever and even Patanjali are reducing prices of soaps and hygiene products while increasing production of these items.
The list of others who are helping: