Off Grid Solar Industry in India: Part of a Research Dissertation

2527 WordsFeb 4, 201810 Pages
Chapter - 6 Recommendations & Verification In this section recommendations for establishing effective strategies to leverage the off grid solar industry will be put forward that will be verified by relevant individuals active in the off grid solar industry like academicians, industry specific consultants etc via a survey. 6.1 Financing off grid solar products via Companies Bill 2013 (R1) The Companies Bill passed by the Indian Parliament in Aug 2013 is a major overhaul for corporates since the decades old Companies Act 1956. “The new rules make the earmarking of funds by companies for corporate social responsibility (CSR) spending mandatory. Companies with market capitalization of more than Rs. 500 crore are required to spend at least 2 per cent of their net profit on CSR such as social work or charity.The companies will also have to give preference to the local areas of their operation for such spending. If they are unable to meet CSR norms, they will have to give explanations and may even face penalty.” (NDTV 2013,p.1) Corporate Social Responsibility (CSR) is these days widely practised by India Inc. and specially by multinational companies. This bill that has very recently become a law opens an opportunity to leverage off grid applications in rural areas. Fig 15. and 16. Show the number of companies at work along with authorised capital of these companies respectively.As on 31.12.2012, a total of 12,89,229 companies were registered in India including public and

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