Mumbai : India Inc will be investing around Rs 22,000 crore towards corporate social responsibility (CSR) activities once the provisions of the recently amended Companies Act making it mandatory for such allocations get implemented, according to consultancy firm Ernst & Young.  “Given the mandate it is estimated that nearly 16,500 companies will invest Rs 22,000 crore towards CSR,” Vijay Ganapathy from EY India’s advisory services said speaking at a seminar on CSR. He said as per the provisions of the new Companies Act, any company having a turnover of more than Rs 1,000 crore or a networth of over Rs 500 crore or a net profit of over Rs 5 crore, has to spend 2 per cent of their annual net profit on CSR activities.

A statement from the All-India Association of Industries (AIAI) quoted Ganapathy as saying such a move will help ensure inclusive growth.

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