Mysuru: Finance Minister Nirmala Sitharaman is preparing for the budget season 2021-22. And this year, inputs are being sought from a cross section of the society across India.
In this regard, Dr Balasubramaniam, Founder and Chairman, Grassroots Research and Advocacy Movement (GRAAM) was invited to seek inputs regarding the challenges facing the social sector and NGOs.
Dr Balasubramaniam, in his one-on-one discussion with the finance minister, strongly advocated for the stimulation of rural economies, speaking widely for the social and civil society sector in general.
Prominently featured in the discussion was the recent amendment to the Companies Act 2013, and in particular the Corporate Social Responsibility Policy Amendment Rules 2020.
He prescribed inputs over regulatory effectiveness and taxation related to the social sector, including increasing the cap on admin expenditure under FCRA or considering a revision of the definition of admin expenditure.
Among his suggestions, he also proposed a revisit to the Societies Registration Act of 1860, to make it more relevant, updated and facilitatory to the contemporary NGO ecosystem.
Dr Balasubramaniam’s discussion also followed up on last year’s announcement of setting up a social stock exchange in India, with a clear transition pathway for the existing NGOs and Civil Society Organisations to evolve into Social Enterprises.
He also made suggestions on improving the process of disclosures, performance incentives and social impact/results, including an accredited way of measuring social impact, according to Dr Basavaraju R Shreshta, Executive Director, GRAAM.
– Team Mysoorunews