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Tags Current Affairs

Changes in CSR rules for vaccine companies

Date: 26 August 2020 Tags: Miscellaneous

Issue

In a move to boost India’s efforts to find effective medicines and vaccines against Covid-19, the government is temporarily allowing investment towards such efforts to be considered as fulfillment of a company’s Corporate Social Responsibility (CSR) obligations.

 

Background

The Ministry of Corporate Affairs has inserted a provision that would allow firms to claim CSR benefits for such activities until the 2022-2023 financial year.

 

Details

  • This includes pharmaceutical, vaccine and medical device firms, which are expected to undertake research and development of new drugs, vaccines and medical devices as part of their regular business activities.

  • For now, firms engaged in research and development activity of new vaccine, drugs, and medical devices in their normal course of business will be eligible for CSR benefits for their R&D work related to such activities for Covid-19 products.

  • The ministry has also amended this schedule to substitute it with incubators or research and development projects in the field of science, technology, engineering and medicine that are funded by the central or state Government.

  • It also now includes public-funded universities, Indian Institute of Technology (IITs), National Laboratories and autonomous bodies established under Department of Atomic Energy (DAE), Department of Biotechnology (DBT), Department of Science and Technology (DST), Department of Pharmaceuticals, Ministry of Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homoeopathy (AYUSH).

  • Ministry of Electronics and Information Technology and other bodies like the Defense Research and Development Organisation (DRDO), Indian Council of Agricultural Research (ICAR), Indian Council of Medical Research (ICMR) and Council of Scientific and Industrial Research (CSIR) can also be eligible.

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