Infosys Foundation on Monday announced Rs 1.5 crore reward to push innovation in social work following the increase in funds under the government rules.
"Infosys Foundation have 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 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 told PTI.
Under the government rules, it is mandatory for certain categories of 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 disaster like floods in Kerala, drought in Karnataka, the 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.
The award will be granted in across six categories-- Healthcare, rural development, destitute care, women's safety and empowerment, education & sports and sustainability and the application can be submitted online with 120-second videos of their work from October 15 to December 31, 2018.
The winners will have an option of technical mentorship at IIT Hyderabad to help them further develop their solutions.