In the last seven years, companies have spent Rs 1.09 trillion on CSR operations, according to the MCA.
According to the corporate affairs ministry, corporations have spent Rs 1.09 lakh crore on various CSR activities, including those linked to health, education, and poverty eradication, under the companies law in the last seven financial years.
Under the Companies Act of 2013, profitable organizations must devote at least 2% of their three-year annual average net profit to corporate social responsibility (CSR) activities throughout each fiscal year.
Rao Inderjit Singh, Minister of State for Corporate Affairs, stated on Monday that corporations have responded favourably and shown hopeful signals in adopting a culture of social responsibility since the CSR provision was enacted in April 2014.
“This may be seen in the increase in corporate social responsibility spending from 2014-15 to 2020-21. Companies have spent over Rs 1.09 lakh crore on various operations during this time…, “In a written reply to the Lok Sabha, he stated.
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Health, education, poverty eradication, hunger, women empowerment, armed forces veterans’ welfare, environment, sports, rural development, slum development, and welfare of the weaker sections are among the initiatives.
According to disclosures filed by corporations in the MCA21 registry through September 30, 2021, companies spent a total of Rs 85,109.09 crore on CSR during the financial years 2016-17 to 2020-21, Singh added.
During the same time period, the top 100 corporations spent Rs 46,654.52 crore of the total amount.
Singh said the goal behind the CSR architecture is to engage corporations as partners in the country’s socioeconomic development by utilising their managerial efficiency, best practises, technology, and innovation in the delivery of public goods and services.