ITC asked the government to raise import duty on wood and related products, saying that the step would provide impetus to domestic companies.
NEW DELHI: Diversified conglomerate ITC on Tuesday asked the government to raise import duty on wood and related products, saying that the step would provide impetus to domestic companies involved in local plantation for sourcing raw material.
"The government should raise duty by 15-20 per cent on import of wood and anything grown on land to provide benefit to those companies producing raw materials here as against those which simply import fibre, yet enjoy same profitability," ITC Chairman Y C Deveshwar said while interacting with media at a CII event here.
He said companies involved in environment-friendly practices and employment generation should be provided more benefits as compared to others. For encouraging corporates to take CSR initiatives, he said the government could exercise a preference in their procurements and also extend fiscal incentives to corporates with high CSR Trustmark ratings.
"I have suggested that government to support development of a 'CSR Sustainability Trustmark'. These 'Trustmarks', which can be displayed on products and services, will enable the consumer to make an informed choice," he said.
It will be important to create an institutional framework that will develop, measure, and award displayable ratings for corporate social initiatives, he added.
Deveshwar also favours mandatory disclosure of Triple Bottomline - finacial, natural and social capitals in the balance sheet by companies which take CSR initiatives.
CII and ITC have been running a Centre of Excellence for Sustainable Development and are currently in dialogue with CRISIL to develop an Environment, Social and Governance Index (ESG) which will be a step towards the CSR Trustmark Ratings.
"The CII-ITC Centre member companies like Tata Steel, ITC, Jubilant, Dr Reddy's, Philips, Reliance disclose their CSR expenses and investment," CII-ITC Centre Principle Counsellor and Head Seema Arora said.
She said the CII-ITC Centre is designing its pre-budget memorandum to be presented to the government, which would seek award and incentives for companies which can reduce energy consumption per unit of production with innovative solutions.
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