India Inc. spent over INR 1,600 crore on combatting the second wave of Covid-19 in the financial year 2020-21, a study says.
The agency studied over 350 public listed companies. The report reveals that Indian companies launched over 750 corporate social responsibility initiatives in response to the second wave and that 35% of these interventions were implemented in Maharashtra, Gujarat, Karnataka, and Uttar Pradesh.
Around 57% of the CSR initiatives to combat the second wave of Covid-19 were targeted at direct beneficiaries – Covid-infected people. More than 400 of the corporate CSR initiatives to combat the second wave of infections were aimed at procuring medical supplies, ventilators, and safety gear like PPE kits.
According to the report titled CSR Response to COVID 2.0, corporate India supported by providing over 200 oxygen plants, setting up more than 75 makeshift hospitals and Covid wards with over 10,000 beds, 3,500 ventilators and 140,000 oxygen concentrators. Importantly, 33 companies contributed more than INR 150 crore to conduct Community Awareness Activities across 17 states.
“Corporates have responded to COVID with great urgency and remarkable flexibility, fast-tracking CSR project approvals for the timely procurement of essential medical supplies, working in tandem with central, state governments and local agencies. We have witnessed unprecedented involvement by corporate India in responding to the situation on the ground.”, the report said.
COVID-19 is a true black swan event. The second wave of infections was particularly fierce and caused widespread suffering, pushing people and entire communities into poverty and suffering. Corporate India stood up to the challenge and delivered relief to millions who needed help the most. The recent notification of the Ministry of Corporate Affairs to include COVID-19 response and relief work under schedule VII of CSR catalysed CSR action to mitigate the impact of COVID-19.
The report aimed to analyse the diversity of corporates’ CSR response to Covid-19. It sheds light upon the nature, quantum, and geographical expanse of the CSR response in India and covers the response of 350 large companies to Covid 2.0. It is an attempt to map and record the remarkable work done by CSR foundations to fight the pandemic.
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