As per the recent reports available, Hyundai Motor India has supplied worth INR 4 crore coronavirus testing kits to the ICMR (Indian Council of Medical Research). The company imported these kits from South Korea and claims that they offer high level of accuracy. South Korea made diagnostic kits are being exported to several countries across Europe and the US. These kits can be used to test more than 25,000 people in India.
The CSR arm of the automobile manufacturer -Hyundai Motor India Foundation has already made contribution of INR 5 crore to the Tamil Nadu Chief Minister Relief Fund in the battle against the pandemic. The company is also working to supply respiratory aid equipment, ventilators and in-house made Ambu Bag Actuator. Hyundai Motor India is also planning to provide safety kits and personal protective equipment to the government.
Last month, the Central government announced that India Inc can utilise their mandatory CSR funds spendings in the fight against coronavirus. The government made it clear that the firms can spend their funds on activities related to COVID-19 such as those of promotion healthcare -preventive healthcare, sanitation and disaster management amongst others.
As per the law of the land, companies with a net worth of INR 500 crore or turnover of INR 1,000 crore or net profit of INR 5 crore or more are mandated to spend at least 2 per cent of their three years net profit average on CSR activities. Amidst the outbreak of the pandemic, the Companies Act has been amended to pave the way for expenditure in tackling COVID-19.
As of writing, India has confirmed 13,835 coronavirus positive cases and 452 deaths related to it. There are 21,65,500 confirmed cases with 1,45,705 deaths worldwide. In this battle, governments and India Inc. has joined hands to eradicate this deadly virus from India.