Corporate India's social responsibility graph is headed up with 47 per cent jump in CSR spend since it became mandatory, with 300 BSE listed companies spending Rs 6,871 crore on this front in 2016-17, says a report.
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According to India CSR Outlook Report 2017 by NGOBox, a corporate social responsibility (CSR) research platform in India, the 300 companies spent Rs 6,871 crore on CSR in 2016- 17 while in 2014-15, when it became mandatory in India, the actual figure was Rs 4,678 crore.
On a yearly basis, the actual CSR spend of the entities rose 8.34 per cent in 2016-17, from Rs 6,342 crore in 2015-16.
This increase in CSR funding in the last financial year, the report said, has given a lot of push to quality education initiatives along with intensifying Skill India Mission and Swachh Bharat Mission.
Education projects received 32 per cent of the CSR money while Swachh Bharat related programmes accounted for 7.3 per cent, the report said.
Going by the state-wise distribution, Maharashtra received the maximum at 16.5 per cent, followed by Gujarat with 6.9 per cent.
Odisha has seen a sharp jump on CSR funds beneficiary matrix, jumping to the 3rd slot in 2016-17, from 8th in 2015- 16, the report said. However, seven north-east states together received just 2 per cent.
However, urban slum development and welfare for Army veterans got scant attention from businesses, with just Rs 34 crore spent in both these areas. Technology incubation for start-ups is gradually gaining traction with Rs 20 crore CSR expenditure.
Healthcare projects received 17 per cent of CSR funds.
"Companies are spending CSR funds on enhancing teachers' capacities as well as learning outcomes for students rather than just on school infrastructure. Similarly, companies are looking at cluster-based development models to bring sustainable impact in specific regions," NGOBox CEO Bhomik Shah said.
Source: The Economic Times