PSUs may support the Commonwealth Games with funds
Large PSUs may chip in with funds for Games
Large public sector units (PSUs) may support the Commonwealth Games with funds as part of its corporate social responsibility activities. A decision will be taken in the next 15-20 days in case the Sports Ministry falls short of money before the festivities begin, Mr Bhaskar Chatterjee, Secretary, Department of Public Enterprises, Ministry of Heavy Industries and Public Enterprises, said on Wednesday. He added that the new corporate social responsibility (CSR) guidelines for CPSEs would be operational within three months. Speaking on the sidelines of a meeting organised by the Standing Conference of Public Enterprises, Mr Chatterjee said that PSEs would be asked to contribute on a voluntary basis. Government-held companies would also get due credit for their contributions.
“We are cautious as to whether the Commonwealth Games already has enough money from the Government or not. We're only considering PSEs that are making adequate profits and are large in size — basically Navratnas and above. We're in talks with the Sports Ministry, and if needed we will ask certain PSEs to contribute generously,” he said.“We want large PSEs to support the development of sports in the country and have made provision for such activities in the recently released CSR guidelines for CPSEs.” Various State-owned companies have already committed around Rs 200 crore for the Games. While Air India is sponsoring tickets for participating sportspersons and accompanying officials – the expense is estimated at Rs 30 crore — the Indian Railways has made a provision of Rs 100 crore.NTPC and Central Bank of India have contributed Rs 50 crore each. The Central Government had recently announced a revised budget of Rs 1,620 crore for the Games, which has been given to the organizing committee as a loan. It hopes to get back an equal amount through the sales of advertising space, sponsorship and broadcast rights.
The Hindu Business Line…newspaper.
