The year 2022-23 witnessed an impressive increase in Tata Steel CSR expenditure, with a significant contribution of Rs. 481 crores.
NEW DELHI (IndiaCSR Exclusive): Tata Steel Limited, a renowned leader in the steel industry, has reaffirmed its commitment to corporate social responsibility (CSR) through its robust spending of Rs. 481 Crore for Corporate Social Responsibility activities during the financial year 2022-23.
During the year 2022-23, Corporate Social Responsibility of Tata Steel expenditure increased from Rs. 406 crores in the previous year to Rs. 481 crores, representing a percentage increase of approximately 18.49%, annual report themed ‘Grwoth with Purpose’ revealed.
This substantial increase in Corporate Social Responsibility spending demonstrates company’s growing commitment to addressing social and environmental challenges and making a positive impact on society.
Expenditure Shows Significant Growth Over Four Years
| Year | CSR Expenditure (in Crores) | % Increase |
|---|---|---|
| 2019-20 | 192.99 | – |
| 2020-21 | 189.85 | -1.63% |
| 2021-22 | 406 | 114.29% |
| 2022-23 | 481 | 18.49% |
Tata Steel Chairman
Impact: Beneficiary grows over 9 per cent
In the financial year 2019-20, approximately 1.4 million lives were reached through social development activities. This number increased to 1.61 million in FY 2020-21, reflecting a percentage increase of 15%.
The subsequent year, FY 2021-22, witnessed a significant rise in the number of lives impacted, reaching approximately 2.87 million, resulting in a substantial percentage increase of 78.88%.
In FY 2022-23, Tata Steel‘s Corporate Social initiatives continued to make a positive impact, reaching over 3.15 million lives, with a percentage increase of 9.75% compared to the previous year.
These figures demonstrate Tata Steel’s dedication to expanding the reach of its social development efforts and creating a meaningful and lasting impact on the communities it serves. This signifies Tata Steel’s continued efforts to expand the reach of its socio-economic initiatives and extend support to a larger number of individuals and communities.
Corporate Social Responsibility Initiatives Make a Growing Impact on Lives
| Year | No. of Lives Impacted (in millions) | % Increase |
|---|---|---|
| 2019-20 | 1.4 | – |
| 2020-21 | 1.61 | 15% |
| 2021-22 | 2.87 | 78.88% |
| 2022-23 | 3.15 | 9.75% |
Thematic Area
Tata Steel’s Corporate Social Responsibility programs encompass a wide spectrum of areas, including education, healthcare, environmental sustainability, and livelihood development.
Regional Focus of CSR Spending
Tata Steel’s spending towards social progress is strategically directed towards regions where the company operates, with particular emphasis on Jharkhand and Odisha. Out of the total Corporate Social Responsibility spending amount, Rs. 234 Crore was dedicated to initiatives in Jharkhand, while Rs. 239 Crore was allocated for projects in Odisha.
This targeted regional focus ensures that the company’s developmental efforts have a meaningful and localized impact on the communities it serves.
| Region | CSR Spending (in Crores) |
|---|---|
| Jharkhand | 234 |
| Odisha | 239 |
| Total | 473 |
Excess Spending and Future Plans
During the financial year 2022-23, Tata Steel exceeded its Corporate Social Responsibility obligation by spending Rs. 23.70 crore more than the required amount. However, the company has decided not to avail any set-off against this excess spending in the succeeding financial years.
This decision reflects Tata Steel’s commitment to consistently contribute to societal well-being and invest in the communities it operates in, ensuring a sustainable and inclusive future.
