NALCO’s CSR spending for the year stood at Rs. 50.53 crore.
NEW DELHI (India CSR): NALCO’s CSR projects have significantly impacted vulnerable and marginalized communities. Approximately 65% of the beneficiaries of these initiatives come from such groups, receiving vital support like education aids and merit scholarships. These efforts ensure that the underprivileged have access to opportunities for personal and academic growth. These individuals have received education aids and merit scholarships, enabling them to pursue quality education and improve their future prospects.
National Aluminium Company Limited (NALCO) has recently released its CSR report for the financial year 2023-24. The report highlights the company’s significant contributions to social development and sustainability. NALCO’s CSR spending for the year stood at Rs. 50.53 crore, exceeding its mandated requirement of Rs. 48.15 crore under the Companies Act, 2013. This marks a 27% increase compared to the previous year.
“In the communities where we operate, NALCO’s dedicated community relations and corporate social teams continue to foster long-term partnerships.”, Sridhar Patra, Chairman cum Managing Director, NALCO said in Sustainable Development Report.
“Adhering to our firm commitment towards social development in surrounding areas, especially, among marginalised and vulnerable communities, we
expended INR 50.54 crore in FY 2023-24 for various CSR Projects, which was about 27% more than our previous year’s budget. Approximately, 65% of the beneficiaries of our CSR project belonged to vulnerable and marginalised groups who received our education aids and merit scholarships.”, he added.
Commitment to Community Welfare
NALCO’s CSR initiatives reflect its commitment to improving the lives of marginalized communities. The company focuses on holistic development through projects in healthcare, education, sanitation, rural development, and environmental sustainability. It also emphasizes cultural preservation.
The CSR efforts align with the company’s core values. These initiatives aim to create long-term impacts and empower vulnerable groups. NALCO prioritizes bridging gaps in existing systems rather than creating parallel structures. Its approach is both sustainable and inclusive.
Key Focus Areas
NALCO’s CSR projects are concentrated in several critical areas. These include:
1. Healthcare
NALCO has invested significantly in improving healthcare in rural and underserved areas. It has launched initiatives to provide better medical services. These include mobile health units and health camps. The company also supports health awareness campaigns. These initiatives target diseases like anemia, malnutrition, and lifestyle disorders.
2. Education
Education remains a priority for NALCO. The company provides scholarships to students from marginalized communities. Over 65% of beneficiaries of its education projects belong to vulnerable groups. It also distributes school supplies and promotes digital learning. The aim is to ensure access to quality education for all.
3. Drinking Water and Sanitation
NALCO has enhanced access to clean drinking water in rural areas. It has installed water purification systems and constructed sanitation facilities. These efforts improve hygiene and reduce waterborne diseases. The company’s initiatives align with the Swachh Bharat Mission.
4. Rural Development
NALCO actively contributes to rural development. Its projects focus on building infrastructure and generating livelihoods. The company works closely with local communities to identify needs. Initiatives include constructing roads, community centers, and solar-powered lights. These efforts improve living standards in remote areas.
5. Environmental Sustainability
NALCO promotes environmental conservation through tree plantation drives and waste management programs. It also supports renewable energy projects. The company integrates green practices into its business operations. Its commitment to sustainability ensures harmony between industrial growth and environmental preservation.
6. Cultural Heritage Preservation
NALCO is dedicated to preserving India’s rich cultural heritage. It has extended significant support to the historic city of Puri. The company has undertaken projects to restore monuments and promote tourism. These initiatives celebrate India’s cultural identity while fostering economic opportunities.
Exceeding CSR Mandates
NALCO’s CSR spending for FY 2023-24 exceeded the mandatory 2% of its average net profit. The company spent ₹50.53 crore against the required ₹48.15 crore. This reflects NALCO’s proactive approach to corporate social responsibility.
The company’s CSR budget is carefully planned. It aligns with Schedule VII of the Companies Act, 2013. The projects are selected based on consultations with stakeholders. Local communities and administrations are involved in decision-making. NALCO ensures that its initiatives address the most pressing needs.
Empowering Women and Marginalized Communities
NALCO has made a significant impact on empowering tribal women. It supports self-help groups that preserve traditional arts and crafts. These groups provide women with sustainable livelihoods. NALCO’s initiatives also encourage financial independence among women.
The company’s focus on education aids and scholarships uplifts children from marginalized communities. These efforts enable students to continue their education. NALCO’s projects are designed to create equal opportunities for all.
Monitoring and Evaluation
NALCO continuously monitors its CSR projects to assess their impact. The company ensures that resources are used effectively. Feedback from beneficiaries helps improve the initiatives. This process strengthens the outcomes of its CSR efforts.
CSR Philosophy
NALCO’s CSR philosophy revolves around the principles of People, Planet, and Profit. The company believes that business growth and societal development go hand in hand. It strives to address social inequalities and environmental challenges.
The CSR policy is aligned with the company’s mission. It emphasizes inclusive growth and sustainable development. From planning to implementation, all CSR initiatives undergo rigorous evaluation. NALCO ensures transparency and accountability in its processes.
Impact and Achievements
NALCO’s CSR initiatives have positively impacted countless lives. Over 65% of its CSR beneficiaries are from marginalized communities. The projects address essential needs such as healthcare, education, and clean water.
The company’s efforts in environmental conservation contribute to climate resilience. By preserving cultural heritage, NALCO fosters pride in India’s traditions. These initiatives inspire collective efforts for national development.
Support for Iconic City Puri
NALCO’s support for Puri reflects its dedication to cultural preservation. The company has invested in projects to enhance the city’s infrastructure. This includes restoring heritage sites and promoting eco-tourism. These efforts preserve India’s cultural identity and boost local economies.
Future Vision
NALCO envisions a sustainable and inclusive future for the communities it serves. The company plans to expand its CSR initiatives in underserved regions. It aims to create lasting impacts through innovative projects.
The focus will remain on bridging gaps in existing systems. NALCO will continue to prioritize stakeholder engagement. Its efforts will align with national development goals. The company seeks to inspire collective action for a better future.
©IndiaCSR
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