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Tuesday, Apr 09, 2002

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Perform social duty, Jaitley tells corporates

Our Bureau

NEW DELHI, April 8

THE Union Minister for Law, Justice and Company Affairs, Mr Arun Jaitley, today urged the corporate sector to sponsor museums and libraries apart from other sectors in a bid to enhance social responsibility towards the country.

Inaugurating a conference on `Promoting corporate citizenship: Challenges and opportunities' organised by Tata Energy Research Institute (TERI) here on Monday, he said that the most immediate concern of the sector should be towards environment.

Citing reports, the Minister said that only 11 per cent of the top 660 firms were conscious of discharging their social obligations. He said that the pressure on profit margins had deterred many private sector companies from sponsoring the cause of social responsibility.

However, the corporates have entered education and health sectors already, he said. A data compiled by the Department of Company Affairs (DCA) reveals a grim picture of the Indian corporate sector, the Minister said.

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