"... CSR alone in its very first year is going to contribute about Rs 14,000 crore into the (social) sector and that is reasonably a large amount of money. This is going to increase year after year as corporate profits increase," said Jaitley.
As per the new Companies Act, a certain category of profit-making companies need to spend at least 2% of their three-year average annual net profit in CSR activities. He said that corporates entered late in the charitable activities, but he also expressed hope that they would contribute in charity in a big way.
"Its impact will now be fully seen. (It will be) appreciated by even those who are otherwise unaware or unwilling to recognise the contribution," he said.