I am delighted that the Manappuram Foundation is now going live with its own website. In the nine years since it was established in 2009, the Foundation has broken new grounds, and established new standards in how CSR activities can be made truly meaningful.
Until recently, all CSR spending by corporate in our country was strictly voluntary in nature. However, in 2013, India became the first country in the world to make CSR spending compulsory for corporations meeting certain criteria regarding size and profitability. After CSR became mandatory (at 2 percent of the average profits of the past three years), many corporates were taken by surprise and scrambled to put together some CSR initiative or the other, merely to comply with the law of the land.