New Delhi, August 23: Finance Minister Nirmala Sitharaman held a press conference on Friday to brief the press on the state of Indian economy. Among the other big announcements, Sitharaman declared that "Corporate Social Responsibilty (CSR) violations won't be a criminal offence." CSR is a part of social responsibility that businesses have towards the society. Nirmala Sitharaman Announces Measures to Boost Indian Economy Amid Slowdown, Rolls Back Surcharge on FPIs, Removes Angel Tax on Start-ups; Check Full List of Announcements.

CSR at one point of time was considered a voluntary decision that the corporate organisations had to make. However, over the last decade or so, the scope and relevance of CSR has increased many folds.

However, industry experts had raised objections on CSR violations being treated as criminal offence, something that Nirmala Sitharaman did away with on Friday,

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The finance minister tried to address the economic worries and said that Prime Minister Narendra Modi gives priority to reforms. Sitharaman announced a number of measures on Friday to turn the state of economy. Loans are set to cheaper, announced Nirmala Sithraman.

(The above story first appeared on LatestLY on Aug 23, 2019 06:18 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).