PANAJI
In dire straits financially due to the distressed cash flow into the coffers, the State cabinet on Wednesday decided to float a company under the Finance department's control to cash in on funds from the private sector through the Corporate Social Responsibility (CSR) provision.
According to the cabinet decision, a Corporate Social Responsibility (CSR) Authority company to facilitate accepting the CSR funds from private companies.
“Private companies can invest their CSR funds into government’s CSR company for various projects,” Chief Minister Pramod Sawant said at his customary post cabinet press conference.
He added that the company is being formed because in the normal course the government can receive funds from private entities only under the disaster management law and not for other government activities for public benefit.
