From UPSC perspective, the following things are important :
Prelims level: CIDC Vishwakarma Awards , CSR
Mains level: NA
Why in the news?
SJVN Limited has won two prestigious awards at the 15th Construction Industry Development Council (CIDC) Vishwakarma Awards 2024, for their Corporate Social Responsibility (CSR) initiatives.
About CIDC Vishwakarma Awards
- The CIDC Vishwakarma Awards is one of the most esteemed recognitions within the construction sector.
- It was launched in the year 2005.
- The awards are named after Vishwakarma, the divine architect and engineer in Hindu mythology, symbolizing craftsmanship, creativity, and skill in construction.
Key details about the Award
- Organizer: The awards are organized by the Construction Industry Development Council (CIDC), which is a body established by the GoI to promote the construction industry’s development and growth.
- Categories: The awards cover a wide spectrum of categories, including:
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- Construction Projects: Recognizing outstanding projects across different sectors such as residential, commercial, infrastructure, and industrial construction.
- Construction Technologies: Honoring innovative technologies and techniques that enhance construction processes, efficiency, and sustainability.
- Construction Equipment: Acknowledging advancements in construction machinery, tools, and equipment.
- Health, Safety, and Environment: Recognizing initiatives and practices that prioritize worker safety, environmental protection, and sustainability in construction.
- Individual Achievements: Celebrating the contributions of professionals and leaders who have made significant impacts in the construction industry.
- Others: Additional categories may include awards for sustainability, CSR initiatives, and emerging trends in construction.
PYQ:[2020] In rural road construction the use of which of the following is preferred for ensuring environmental sustainability or to reduce carbon footprint? 1. Copper slag 2. Cold mix asphalt technology 3. Geotextiles 4. Hot mix asphalt technology 5. Portland cement Select the correct answer using the code given below: (a) 1, 2 and 3 only (b) 2, 3 and 4 only (c) 4 and 5 only (d) 1 and 5 only |
Back2Basics: Corporate Social Responsibility (CSR)
| Description | |
| What is it? | Self-regulating business model for social and environmental impact. |
| Regulation in India | Mandated under Companies Act, 2013 (amendment in 2014). |
| Investment Areas | Promote rural development, healthcare, education, environment, etc. |
| CSR Committee | Mandatory for companies meeting Rs 500 Cr net worth or Rs 1000 Cr turnover criteria. |
| Spending Requirement | At least 2% of average net profits of the last three financial years. |
| Applicability Criteria | Net worth >= Rs 500 Cr, Turnover >= Rs 1000 Cr, or Net profit >= Rs 5 Cr. |
| Adjustment for New Cos. | Use average net profits of preceding years to calculate spending. |
| Applicability Period | Applies before the completion of three financial years for companies. |
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