Finance Minister Arun Jaitley has said, a new beginning has been made in the past four years in India regarding Corporate Social Responsibility.

Addressing a function at AIIMS, New Delhi, Mr Jaitley said, social sectors in India get funded more on a community basis except for this new beginning.

Analyzing the means of funding for India’s healthcare and educational bodies as against the global ways, the Minister said, most hospitals and educational institutes in developed countries get large endowments.

These endowments come from their alumni. Once they are successful in life, they keep supporting the institutions. Mr Jaitley said, some IITs have started that experiment now in the country, but still it is not very largely prevalent. He said, in India, educational institutions and hospitals are set up by religious groups and communities.