NEW DELHI: Implementing Education and skills development related projects are important area under Corporate Social Responsibility (CSR), likely to receive Rs. 15,000 crore, according to a recent report.
The total spending on corporate social responsibility (CSR) programmes by the major 500 business organizations since the applicability of mandatory CSR in the year 2014 is expected to cross Rs 50,000 Cr by March 2019.
Education will be the most preferred intervention area for companies, especially companies with medium CSR budget, with the theme expected to remain a favourite for years to come.
Spending on CSR was made mandatory for companies falling under certain criteria of annual profit or turnover. An estimate by the Ministry of Corporate Affairs shows India has 13,000-15,000 companies falling under the CSR mandate.
In order to comply with CSR rules, some 500 top domestic companies have lined up over Rs 11,000 crore on social initiatives in the current fiscal. While education and skills development projects got a major fillip between 2014-15 and 2018-19; healthcare, water and sanitation initiatives received substantial corporate attention due to the government’s Swachh Bharat Mission and are set to receive Rs 14,000 crore CSR fund by March 31, 2019, according to the report.
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