What is the overall impact assessment of CSR in India:-
The CSR mandate in India brought a cultural change among the Indian businesses by leveraging the expertise of companies for social development initiatives.
CSR in India has travelled through different phases, such as community engagement, socially responsible production and socially responsible employee relations. Initially, it was more about philanthropic endeavours that were performed but not deliberated and documented.Prior to Independence, it had a national character encapsulated within it that extended support to India's freedom movement. CSR in India now appears to be thoughtful and it incorporates global knowledge of CSR in its discourse.
After the enforcement of new Companies Act, we can see a significant inflow of contributions by businesses towards socio-economic and environmental initiatives. Education, healthcare, livelihood and skill development remain the areas receiving a majority of the CSR funds. Some major developments:
According to a data from PRIME Database, a 1,019 listed companies spent amount close to Rs 9,034 crore towards CSR in FY17, implying that India Inc is prioritising spends in education and vocational skills.Interestingly, 2016-17 saw a Rs 591 crore rise in CSR spends from Rs 2,793 crore in FY16 to Rs 3,384 crore in FY17. According to the report, education and vocational skills accounts for 37% of the total CSR spend by India Inc.
Hoe CSR Impact assessment practice can help the corporations to assess the impact of CSR Project:-
Impact Assessment (IA) is a vital component to assess and analyse the effect of the project activities in the lives of the beneficiaries. It enables the organisations realise the relevant economic, social and environmental impact of a project. The practice precisely focuses on learning and analysis.
If we talk specifically about Fiinovation, our approach of embedding common indicators of impact assessment and economic valuation has set us apart in the sector and has created a unique niche for us. Throughout the IA process, it’s important to employ the realistic methods and tools depending on the project, its vision & mission, output/outcome of the programme, Monitoring reports, Evaluation reports and any other documents available.
We also help in the development of an indicator matrix which allows recommending sustainability - mapping which is followed by a well-drafted Impact Assessment Report.
The Impact Assessment process at our organisation include the below steps, while it may vary at different firms, but at Fiinovation we use the most practical and tested methods.
1. Review of intervention and the planning process
2. Dedicated consultations with targeted stakeholders
3. Thorough Area exploration
4. Rigorous consultation with various departments within the organisation
5. Analysis of findings and data collation
6. Summary and presentation of findings of the IA report
7. Forwarding IA findings to the Board
8. Publication of the IA report (as per partner's requirement)
