CSR funds to help civic body in projects

The civic body, in a bid to improve its services and carry out new projects, intends to approach corporates for help. BMC is looking at funds companies set aside for corporate social responsibility (CSR) and will set up a CSR cell to tap this resource.

Municipal commissioner Sitaram Kunte said, "In order to leverage CSR funds, BMC will create a dedicated cell that would serve as platform for corporate houses and public sector undertakings to interact with BMC."

As per the Ministry of Company Affairs guidelines, corporate houses are mandated to set aside two per cent of their net profit towards CSR initiatives. Many firms are showing a keen interest in assisting causes related to health, education, environment and livelihood of the city, said Kunte.

The civic administration will involve Tata Institute of Social Science in the initiative and prepare a list of projects and activities for which BMC would be eligible for CSR funding. "An interested corporate or PSU can choose to contribute to any of the activities or projects being carried out by the BMC," said Kunte.

Recently, the civic administration launched a Rs 95-crore scheme to clear garbage in the city, for which it was planning to seek support from corporate houses. Rahul Shewale, standing committee chairman and Shiv Sena corporator said, "We have approached Rashtriya Chemical Fertilisers (RCF) in Chembur to help the local ward office in keeping the city clean. We are hoping for finanical funding or other forms of participation from corporates."

Highlights

n Total budget estimate for 2013-2014 ballooned by 23.27 per cent as compared to the revised estimates of 2012-2013

n The new source of premium against fungible FSI has fetched Rs 943 crore up to January 24, 2013

n The main increase in revenue is expected from the market redevelopment policy in addition to usual sources of revenue such as octroi, property tax and development charges

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