CSR's Role In Preserving Cultural Heritages In India
The idea that Corporate social responsibility concentrates goes beyond profit in terms of social obligations. But one might wonder what Corporate Social Responsibility (CSR) is? So in essential words, it is a tool for making profits from sustainable heritage conservation goals. There are quite a few benefits from the private sector being involved in Heritage Conservation.
The Corporate Social Responsibility rules outlined by the Ministry of Culture India consist of many things. The first is the conservation of national culture and heritage, and the latter is the rehabilitation of historical buildings and sites.
Why There Is A Need For Corporate Social Responsibility?
One might end up wondering why there is a need for Corporate Social Responsibility, so to simplify that answer, the given statements are presented.
- Better Public Image
To stand firm and at the top with an ideal image for the public is what most companies want. Better image equals secured customers and higher profits.
- Conversion of Resistances Into Resources
Mostly what might stand as resistance can be turned into resources with the slightest bit of innovation in business toward social problems.
- Long Term Business Interest
A business may achieve a peak of profit in the long-term if provided with a supportive and better society.
What does heritage mean?
The diversity of inherited traditions can be simplified as a heritage to go by the literal meaning. It includes contemporary things with latent meanings and culture that we deduce from them.
Now that we have a subtle idea about why we need Corporate Social Responsibility let's move on to the next topic Preserving our Indian Cultural Heritage.
"Preserving isn't a bargain with Progress."
Heritage preservation is quite beneficial for economic development and can be utilized as an effective economic development tool. These benefits are not only targeted towards communities but individuals as well. Besides economic growth, heritage conservation leads to higher tax revenues and property values.
Since heritage conservation is producing increased tax revenue, This brings us to another question: "Is the CSR exempted from the 80G Income Tax act"?
CSR expenditure doesn't subject to specific tax exemption, as is its contribution to activities like rural development, Prime minister relief fund, and scientific research. And according to the particular criteria, CSR is indeed eligible for deduction under the 80G.
The Cultural Minister of India made policies for CSR, which on deeper thought, can be distinguished as compliance and firm commitment. To make the lives of the underprivileged better and provide them with adequate support as mentioned under Section 135 of the Companies Act 2013 and Companies (CSR Policy) Rules 2014. It was also structured that companies working on a project of at least three months must follow 2% of their net profit to the CSR.
Conclusion
So, CSR is one of the few tools available in the private sector for completing its mission of heritage preservation. Heritage programs providing support by infrastructural development or promoting the site through domestic tourism can achieve this culture and heritage preservation. At a base level, the main motive is to establish the necessity of tangible and intangible heritage and how it can be conserved with the mainstream CSR domain.