Latest news with #Give
Indian Express
05-07-2025
- Business
- Indian Express
Govt should greenlight CSR spending on tech innovation: Sumit Tayal, CEO, Give
Sumit Tayal is the CEO of Give, a digital-first platform that helps Corporate Social Responsibility (CSR) teams at companies and individual donors give to non-profits in India. Give, via its Give Grants division, connects institutional donors, companies, and foundations with non-profits, while connects individual small donors with non-profits. Give Discover provides credible information on all stakeholders in the CSR and non-profit ecosystem. Sumit was earlier the COO of Netscribes, a global data and insights firmPrior to it, he was the director at Helix Investments, an India-focussed private equity fund. Sumit is an engineering graduate from Visvesvaraya National Institute of Technology, Nagpur, and an MBA from IIM Bangalore. Sumit spoke to on the challenges companies face in spending their CSR funds on tech innovation, the state of the CSR system in India, and what the government could do to change the situation. Edited excerpts: Sumit Tayal: There are 27,000 companies that file for CSR in India. There are around 200 companies at the top end of the CSR ecosystem whose spending is around Rs 15,000 crore, which is around 50 per cent of the total CSR spending in India. I estimate that somewhere around 20 per cent of them would be utilising tech platforms to manage, track, and monitor their projects. A lot of work still happens through email and Excel sheets. Another 20 per cent would be using a patchwork of tech systems, using them for finance, procurement, or other functions. The next 800 companies in the top 1000 use a bare modicum of tech. You might get the impression that 40% of the top 200 use tech in at least some form. But then, what are they using? They are perhaps using some kind of project management software. So, they are using tech platforms for CSR fund allocation or monitoring, and not necessarily for driving innovation. We at Give have set benchmarks in the ecosystem in many ways, especially to make giving simple and trustworthy. We have built systems and processes to do due diligence on non-profits and only then onboard them on our platform. We also check if the work that was intended is happening on the ground. There are two parts, one for individual donors to donate to causes that they are passionate about, and for corporates to deploy their CSR funds effectively. For instance, last year, around one lakh online donors donated to around 600 non-profits through our platform. All these donors found us online. Our processes are tech-driven. It is like an online consumer-facing platform, and the entire crowdfunding cycle is fully automated, from how non-profits get onboarded to how campaigns are created, shared, and promoted across social media and online platforms. Our interactions with non-profits are, however, offline and will continue to be so. There will always be an offline part, as finally, what we are working for is creating an impact on the ground, where we reach out to hundreds of non-profits individually every year to collect data on how the money was used. There are impact reports. A lot of that collection may be digital, but it still has high manual effort because a large majority of non-profits who are operating on the platform are relatively small without tech support. Sumit Tayal: We started the reports last year, and it is now an annual feature. In 2024, India completed ten years of CSR. It is the only country in the world that has made legally mandated CSR work on this scale. So, it was a milestone year and was completely missing from the popular narrative around CSR. Last year, we spoke to companies about CSR spending, and this year, the survey team also interacted with non-profits that are the implementers of CSR. The key takeaways of the report are that CSR is the dominant source of money in the Indian giving space, and it will only become more dominant in the years to come as it is tied to corporate profits. Secondly, more than half of all Indian non-profits now derive more than half of their total annual budgets from CSR. So, this is the largest force shaping the private giving scenario in India. Thirdly, all Indian CSR is merely one per cent of the Indian government's social spending. Not the government's total budget, but the government's social spending. So, it is too much to expect that CSR alone can make wonders. Importantly, in the report, we have asked corporates about how they view spending on tech innovation, and we have some interesting insights. We found that CSR is highly regulated and compliance-heavy; therefore, risk appetite is low. Even today, the CSR law holds directors individually responsible for any errors, omissions, non-compliance, and so on. So, CSR leaders must be very cognisant of compliance and cannot take bold calls beyond a point. Tech innovation is risky and hence a low priority. Corporates don't want to be in a situation where they are sitting on a bunch of tech projects that have not delivered any results. Delivery is key in the CSR system. Because that's how success is viewed. CSRs prefer to fund programmes that have some proof of concept already established. They are willing to scale what works. They are not the venture capitalists or the angel funders. It is not that CSR leaders do not want to experiment, but the acceptability of risky projects at the board level and their likely negative impact on compliance weighs on their minds. Sumit Tayal: The top 200 corporates are collectively spending Rs 15,000 crore on CSR. If you look at the number of companies that may be funding tech innovation in some way, it is our guesstimate that 30% of these (around 60 companies with an aggregate spending of Rs 4,500 crore annually) collectively spend around Rs 250 crore on tech innovation. Companies have focused on funding startup incubators and accelerators at colleges and universities, academic research, and some of them might be funding some early pilot tech innovation work. But in their individual portfolios, it is unlikely that funding for tech innovation will be more than five per cent of their total spend. So, for tech innovation, particularly for tech for social impact, it could be around Rs 250 crore. These are broad estimates. There is a high acceptance of funding government-approved incubators and accelerators, and the reason for that is that the CSR law explicitly says that funding for these incubators and accelerators is eligible under the CSR law. What it does is it allows the corporates to work with reputed institutes like IIMs or IITs. They also fund academic research being done by credible institutes. So, BITS Pilani or the IITs are all now able to access CSR funding. The third aspect that gets funded is if the company is already working with a non-profit, they are open to funding tech pilots being done by existing partners. For example, there is Sneha, a non-profit working on maternal and childcare in urban slums in Maharashtra. They invested in a WhatsApp bot-based solution for their field force to connect with their beneficiaries and give them relevant and timely information as required. So, corporates who had funded Sneha in the past are open to funding their tech innovations now, but a new funder would not be keen on such tech-centric projects. Sumit Tayal: There are no regulatory hurdles; there are only perception hurdles, if any. Nothing in the CSR law says that you cannot fund an early-stage tech pilot. The government, to the best of my understanding, has absolutely no problem if you fund innovation, which may result in learning, but not a specific output. Nowhere in the CSR law is there any provision that says that if your output is less than expected, that is non-compliance. They want funds to be allocated and spent or utilised in a timely manner. CSR committees and decision makers understandably don't want to take on high-risk, uncertain bets when there are more time-tested, steady, and predictable projects. They see tech innovation spending as high risk. Since the government has clarified that funding for incubators and accelerators from CSR funds are welcome, that funds have flown into this sector. Many tech majors today fund these accelerators. Tech education is a different ball game. Google, Microsoft, Capgemini, Infosys, Wipro, TCS, every large company in India is focused on either AI skilling or STEM education, as part of their CSR spending. Sumit Tayal: There are a few where CSR has funded the development and/or deployment of tech-first solutions. One of them is WhatsApp-based chatbots. They are increasingly finding their way into education, healthcare, and livelihood interventions. The typical case is where a non-profit needs to be in touch with their communities remotely and needs to provide targeted information. The second one is platforms like MindSpark by Educational Initiatives, for adaptive learning. Its programmes help children bridge the learning gap. For example, when a child is in grade four, but their learning level is at grade one, how do we help them catch up over time at their own pace? While MindSpark has been deployed in international schools, it is also in government schools and low-income schools with CSR funding. Alstom, the energy major, has picked up the theme of sustainable mobility. They are very open to funding non-profits and for-profit social enterprises, whoever is innovating in the theme of sustainable mobility. Some corporations fund tech for impact initiatives in their areas of interest and operations, but this is not huge. Sumit Tayal: The tipping point would come when the government indicates that it is keen that the corporate sector should look at tech innovation or tech for social impact in a positive manner. It could also happen when the board at a large corporate house shows enthusiasm for tech innovation with CSR funds in the same way it is excited about the use of technology in its business operations. Indian companies are amongst the best-placed players when it comes to innovation in their search for new products and markets. The day that appetite is transferred to the CSR sector, and when the fear of failure subsides, we will see a lot of tech for good projects coming up in the social sector, which will impact communities in a positive way. The Piramal Foundation is a good example. It may not be something specific to tech, but it is relevant here. They spent years running pilots in tribal communities before they were able to fine-tune their model on what works. And today, they do not hesitate to acknowledge that they had failed for years, but got it right finally. That kind of messaging is what gives comfort. Sumit Tayal: The government needs to clarify that it is keen that CSR funds go to fund tech innovation in the tech for social impact space. Such a signaling would be of the greatest help.
Yahoo
10-06-2025
- Business
- Yahoo
Food pantries to benefit from Meijer LPGA Classic by Simply Give
GRAND RAPIDS, Mich. (WOOD) — The Meijer LPGA Classic, which starts this week, raises money for a program that a Grand Rapids food pantry organizer says is necessary to keep its shelves stocked. On Monday, Meijer Executive Chairman Hank Meijer and LPGA pro toured the Northwest Food Pantry in Grand Rapids ahead of the tournament, which begins Thursday at Blythefield Country Club. The women's golf tournament supports , Meijer's program that aims to help stock the shelves of local food pantries. Meijer Executive Chairman Hank Meijer said this is a landmark year for Simply Give, as it hits a $100,000,000 raised over the course of 17 years and up to 600 food pantries across six states. Blythefield crews prep course for Meijer LPGA Classic Meijer said he believes the mission of food pantries compliments what the grocery store chain tries to do each day. 'Our heritage is in food,' said Meijer. 'We hope our prices are so good that most people can shop with us, but we also recognize that there are people who might not have a job, who don't have access to food, who can't afford that weekly grocery bill. And this is for those folks who still need to eat and who have to rely on the goodness of all the volunteers and all the people who support this kind of enterprise.' Becca Schelhaas, executive director of the Northwest Food Pantry, said donations don't always supply everything they need to meet the needs of the community but that's where Meijer steps in. 'We wouldn't be as well-stocked without the Meijer Simply Give program. We are 100% donor-driven and volunteer-ran. So everything that is on these shelves was a donation,' Schelhaas said. 'Whatever we need to fill in the pieces, Simply Give and Meijer is there to make sure that those needs are filled.' Brittany Lincicome: Meijer LPGA Classic offers 'the whole package' The pantry is open three days a week and serves anywhere from 150-200 people. 'The need has actually doubled over the last year,' Schelhaas said. 'In the beginning of last year, we were doing maybe 20-30 a day and now we're 40-60 a day, easy.' Schelhaas thanked her volunteers, who she called the 'absolute heart' of the pantry, as well as Hank Meijer and everyone involved in the Simply Give effort. 'I hope they know just how grateful we as a pantry are to Meijer, to Blythefield, to the golfers, to Brittany, all of them. I could not thank you enough and I really hope you know what blessings from God you truly are,' Schelhaas said. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Epoch Times
13-05-2025
- Business
- Epoch Times
Treasurer Says a ‘Couple of Years' Needed Before Productivity Can Improve
Federal Treasurer Jim Chalmers issued a gloomy warning on the economic future of Australia prior to being sworn in for Labor's second term. 'Productivity is a challenge which has been a feature of our economy for some decades, and it will take more than a couple of years to turn around,' Chalmers said, adding that he has been engaging with major business leaders over the past week to discuss solutions. 'It's not one of those areas where you can just flick a switch and all of a sudden the economy is as productive,' he told Sky News. 'The problem's been there for a couple of decades, the worst decade for productivity growth was the decade to 2020, the worst decade in the last half century or more.' Over the past three years, overall company turnover for businesses with revenue over $20 million has largely flatlined since 2022 with only a Calls to Give Businesses a Fair Go The Business Council of Australia has repeatedly urged the federal government to prioritise the issue 'Business investment is critical to addressing our productivity challenge — with six out of every seven workers employed by the private sector, and 80 percent of Australia's economic output coming from businesses of all sizes,' said Business Council CEO Bran Black in a release on May 12. 'The BCA looks forward to working with the treasurer, the finance minister and the broader economics team to deliver productivity solutions across the economy, including through the Productivity Commission's 'five pillar' inquiries.' Economist John Humphreys from the Australian Taxpayers' Alliance warned that productivity remains stuck at 2016 levels. 'And the moribund economy is why many people are struggling,' he told The Epoch Times. Humphreys criticised the government's approach, arguing that long-term economic reforms have been sacrificed for short-term political gain. 'Australia desperately needs significant tax cuts, less regulation on small business, and cheaper energy prices if we want to kick-start the economy,' he said. He described Labor's tax plans—including modest income tax cuts and a proposed $1,000 standardised deduction—as 'symbolic gestures.' No Shift on Unrealised Gains Tax to Fund Pledges Chalmers also confirmed the government would not change its plan to tax unrealised capital gains on super balances above $3 million—an approach expected to generate nearly $40 billion over a decade. Related Stories 5/12/2025 5/12/2025 'We've made it clear that it's a very modest change, it only affects half a per cent of people with balances over $3 million,' he said. 'It's still concessional tax treatment, just a little bit less concessional.' He said the revenue will help fund priorities like strengthening Medicare, cutting income taxes, and easing cost of living pressures. Global Trade Tensions Easing—For Now Meanwhile, Chalmers also welcomed the pause on the U.S.-China trade war but cautioned against over-optimism. 'It's a really welcome development, and I think the whole world is hopeful that this augurs well for the resolution of this effectively trade war between the two biggest economies in the world,' he said. 'But we have to be realistic about it as well—there's still a lot of unpredictability, a lot of volatility and a lot of uncertainty in the global economy. This is not resolved, it's been paused, in welcome ways,' he said.
Time of India
03-05-2025
- Business
- Time of India
Woman loses 3 crore to fraudsters posing as stock market advisors
Hyderabad: A 57-year-old housewife from Champapet lost Rs 2.7 crore to cyber fraudsters posing as stock market investment advisors. According to the police, the victim, who is an LLB graduate, saw a Facebook advertisement on stock investment in Feb this year. When she clicked on it, she was redirected to a WhatsApp group called 'IDEAL INVESTMENT GUIDE6.' The group was allegedly run by fraudsters under the name Neha Agarwal, using several phone numbers. You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad The complainant stated that the fraudsters convinced the victim to invest in what they claimed were initial public offerings (IPOs), over-the-counter (OTC) stocks and institutional stocks through a website called ' and a trading app called Bix-Trade. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Fisherman father cannot afford son's lifesaving treatment.. Give Hope India Donate Now Undo After making substantial investments, when she attempted to withdraw her funds, the fraudsters demanded additional payments under the guise of service charges and security deposits. Between March 19 and April 29, the victim transferred a total of Rs 2.7 crore in 15 transactions to the bank accounts provided by the fraudsters. Of the Rs 2.7 crore, she invested Rs 1.7 crore by April 23, and the app showed her total earnings as Rs 8.45 crore. When the victim tried to withdraw the money, the fraudsters made her pay just over Rs 1 crore on April 29 for various charges. When they kept asking for another Rs 1.8 crore, she finally realised it was a scam and approached the Rachakonda police on Friday. "The complainant realised she was being cheated when the miscreants kept asking for more money for withdrawals," said a cybercrime official from Rachakonda. On the victim's complaint, a case was registered at the Rachakonda cybercrime police station under Sections 316(2) (punishment for criminal breach of trust), 319(2) (cheating by impersonation), 318(4) (cheating and dishonestly inducing delivery of property), 338 (forgery of valuable security, will, etc.) of the BNS and Sections 66(C&D) of the IT Act. The cybercrime unit has launched an investigation to trace the perpetrators and recover the stolen funds.
Time of India
02-05-2025
- Sport
- Time of India
Glove or ball? Shubman Gill's heated exchange with umpire after controversial run-out
Image credit: BCCI/IPL NEW DELHI: Gujarat Titans captain Shubman Gill was visibly displeased after being adjudged run out during the IPL 2025 match against Sunrisers Hyderabad at the Narendra Modi Stadium in Ahmedabad on Friday. The incident occurred in the 13th over when Jos Buttler clipped a delivery from Zeeshan Ansari towards short fine leg and called for a quick single. Harshal Patel sprinted in, collected the ball swiftly, and fired a flat throw towards the striker's end. Go Beyond The Boundary with our YouTube channel. SUBSCRIBE NOW! Wicketkeeper Heinrich Klaasen , stationed in front of the stumps, attempted to deflect the ball onto the stumps with his gloves. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like How can a 3-month-old get cancer? Please help! Give Hope India Donate Now Undo The dismissal looked extremely tight and was sent upstairs for review. The third umpire checked whether the stumps had been broken by Klaasen's gloves or the ball. After several replays and angles, the umpire concluded that the ball had hit the stumps, citing a visible deviation after contact with the gloves as evidence. Astrologer Greenstone Lobo: Is Yuzvendra Chahal's India career over? Gill appeared stunned and visibly furious with the decision but had no choice but to walk back to the pavilion. He later had an exchange with TV umpire Michael Gough after returning to the dugout. Despite the dismissal, Gill played a sensational knock, scoring 76 off just 38 balls. Earlier, Sunrisers Hyderabad skipper Pat Cummins won the toss and elected to bowl. SRH went in with an unchanged XI, while Gujarat Titans made one change, bringing in Gerald Coetzee in place of Karim Janat.
