“Infosys Foundation has been working since last 22 years. We had less money but thanks to 2 per cent now, which is more money. Initially, whatever money was given we took care of basic things. We wanted to have an innovation award but you require a good amount for that. This year we decided to get into this area so that our innovators can get financial help,” Infosys Foundation Chairperson Sudha Murty said.
Under the Government rules, it is mandatory for certain categories of the company to spend, in every financial year, at least two per cent of the average net profits made during the three immediately preceding financial years, in pursuance of its corporate social responsibility (CSR) policy.
“Last 3-4 years, we have been getting 2 per cent which is Rs 340 crore. We have been able to handle 12 national disasters like floods in Kerala, drought in Karnataka, a hurricane in Andhra Pradesh,” Murty said.
Infosys Foundation, which is CSR arm of IT major Infosys, will select three individuals or non-government organisation and give them reward of up to Rs 50 lakh so that they can scale-up their work.
“The Aarohan Social Innovation Awards seek to recognise and reward individuals, teams or NGOs that are developing unique solutions for the social sector that have the potential to positively impact the underprivileged in India, at scale. The vision of these awards is to accelerate innovation in the social sector, and provide a platform to help these solutions scale,” Murty said.