The introduction of the Companies Act, 2013 by the Ministry of Corporate Affairs marked one of the largest global experiments in making Corporate Social Responsibility (CSR) a mandatory provision.
Record CSR Participation
In a groundbreaking development for Corporate Social Responsibility (CSR) in India, the Ministry of Corporate Affairs released its annual CSR Spending Report for the fiscal year 2021-22. The report reveals that a record 18,623 companies have engaged in CSR activities, a strong indication of India’s commitment towards social welfare and sustainable development.
Significant Increase in CSR Investment
These companies have invested a staggering INR 25932.79 Cr. in CSR activities, marking a significant increase in spending towards social causes. The funds have been directed to a total of 42,440 CSR projects, a record high for India, demonstrating an enthusiastic response to the Companies Act, 2013 which mandates CSR participation for select categories of companies.
| CSR Expenditure Summary for FY 2021-22 | |
|---|---|
| Total Number of Companies involved in CSR | 18,623 |
| Total Amount Spent on CSR (INR Cr.) | 25932.79 |
| Number of States & Union Territories Covered | 40 |
| Total Number of CSR Projects | 42,440 |
| Number of Development Sectors Involved | 14 |
Nation-Wide Impact
A key highlight of the report is the reach of these CSR initiatives, spanning across 40 States and Union Territories, demonstrating the nation-wide impact of these activities.
Diversified Approach to CSR
The report also detailed that the CSR initiatives have been implemented across 14 different development sectors. This indicates the diversified approach that Indian companies are adopting towards CSR, recognizing that sustainable development needs to be a multifaceted endeavour encompassing a wide range of sectors.
Top 10 CSR Spenders
In total, top spender companies alone have spent over INR 6264.87 Cr on CSR initiatives, indicating a strong commitment to achieving societal and environmental goals. This reflects the positive impact of India’s legislative actions that mandate CSR for certain categories of companies.
| Company Name | CSR Expenditure (INR Cr.) |
|---|---|
| Reliance Industries Limited | 1812.33 |
| HDFC Bank Limited | 722.99 |
| Tata Consultancy Services Limited | 719.92 |
| ONGC | 436.19 |
| NTPC Limited | 356.71 |
| Infosys Limited | 344.47 |
| ITC Limited | 333.38 |
| NMDC | 278.33 |
| India Oil | 284.03 |
| ICICI Bank | 266.52 |
| Total | 6264.87 |
A Promising Direction
This year’s figures are a promising sign of the direction in which India is heading. The regulation and mandatory imposition of CSR by the Indian government have created an environment where companies are actively contributing towards the social and economic development of the country.
Affirming India’s CSR Journey
The comprehensive CSR Spending Report affirms India’s journey towards setting a global benchmark in achieving sustainability goals and stakeholder activism. As the nation continues to foster this culture of social responsibility within its corporate sector, it is paving the way for a future where businesses play a pivotal role in national development and societal welfare.
Companies Surpassing Mandatory Spending Requirements
According to the data provided by the National CSR Portal, a remarkable number of companies have exceeded their mandated Corporate Social Responsibility (CSR) spending requirements. Out of 18,623 companies analysed, an impressive 10,443 companies contributed more than their mandated CSR expenditure. This display of heightened corporate responsibility led to a total CSR expenditure significantly surpassing the prescribed amount as per the Companies Act.
| Total No. of Companies Analysed | No. of Companies Exceeding Mandated CSR Spending | Total CSR Expenditure (INR Cr.) |
|---|---|---|
| 18,623 | 10,443 | 16,107.53 |
In percentage terms, approximately 56% of the companies analysed exceeded their mandated CSR spending.
| Total No. of Companies Analysed | No. of Companies Exceeding Mandated CSR Spending | % of Companies Exceeding Mandated CSR Spending |
|---|---|---|
| 18,623 | 10,443 | 56% |
(India CSR Exclusive)
