Maharashtra received Rs. 6,066 crore, while Gujarat secured Rs. 2,708 crore, collectively accounting for Rs. 8,774 crore of the total Rs. 12,897 crore CSR expenditure.
MUMBAI (India CSR): The ICRA ESG Ratings Report, Beyond Compliance: CSR Leadership Among India’s Top 100 Companies – A Comparative Analysis of CSR Trends for India Inc., released on July 29, 2025, positions Maharashtra and Gujarat as the leading recipients of Corporate Social Responsibility (CSR) funds among India’s top 100 listed companies in FY2024. Maharashtra received Rs. 6,066 crore, while Gujarat secured Rs. 2,708 crore, collectively accounting for Rs. 8,774 crore of the total Rs. 12,897 crore CSR expenditure. Education and healthcare remained the dominant focus areas, with significant growth in livelihood enhancement and rural development.
This dominance is attributed to the state’s robust industrial concentration, strong corporate presence, and active project ecosystems, making it a focal point for CSR initiatives.
CSR Funding in Maharashtra and Gujarat
- Maharashtra: Attracted Rs. 6,066 crore in FY2024, leading as the top recipient due to its industrial and financial prominence.
- Gujarat: Received Rs. 2,708 crore, ranking second, with an 86% increase in CSR spending from Rs. 1,082 crore in FY2018-19 to Rs. 2,008 crore in FY2022-23, as per the Gujarat CSR Performance Report 2018-2023.
- Geographical Concentration: Maharashtra and Gujarat together accounted for a significant share of the Rs. 8,774 crore allocated to the top 10 states, which received 61% of India Inc’s CSR funds.
National CSR Spending Trends
- Total CSR Expenditure: India’s top 100 listed companies spent Rs. 12,897 crore on CSR in FY2024, a 29% rise from Rs. 9,989 crore in FY2022, driven by a 37% increase in average net profits. The average CSR spend per company was Rs. 129 crore.
- Beyond Compliance: 73% of companies fully utilized their CSR budgets, with 48% exceeding mandated limits. Notably, 16 companies increased CSR contributions despite profit declines, reflecting a strong commitment to societal impact.
- Top Contributors: Leading companies included HDFC Bank (Rs. 945 crore), Reliance Industries (Rs. 900 crore), and Tata Consultancy Services (Rs. 827 crore).
Sectoral Allocation
- Education: The primary focus, with spending nearly doubling from Rs. 6,719 crore in FY2022 to Rs. 12,134 crore in FY2024 (81% growth), aligning with SDG 4 (Quality Education).
- Healthcare: The second-largest focus, with Rs. 7,151 crore spent in FY2024, slightly down from Rs. 8,049 crore in FY2022, supporting SDG 3 (Good Health and Well-being).
- Livelihood Enhancement: Recorded a 168% increase, rising from Rs. 881 crore in FY2022 to Rs. 2,360 crore in FY2024.
- Rural Development: Grew from Rs. 1,847 crore to Rs. 2,408 crore over the same period.
Regional Growth and Aspirational Districts
- High-Growth Regions: Odisha and Andhra Pradesh saw the highest percentage increases in CSR allocations, with 85% and 70% growth, respectively, between FY2022 and FY2024, reflecting a focus on underdeveloped areas.
- Aspirational Districts: CSR spending in India’s 112 aspirational districts surged by 115% from Rs. 651.4 crore in FY2021 to Rs. 1,402.9 crore in FY2023. Companies like Infosys, Canara Bank, and Tata Motors implemented programs across over 100 such districts, with Tata Steel contributing Rs. 280.3 crore.
Strategic Shift in CSR Approach
- UN SDG Alignment: Companies are increasingly aligning with SDG 4 and SDG 3, moving beyond compliance to prioritize long-term societal impact.
- Stakeholder Value: Ms. Sheetal Sharad, Chief Ratings Officer, ICRA ESG Ratings, noted, “These efforts are enhancing stakeholder value and contributing meaningfully to India’s broader climate and social goals.”
Analysis
- Maharashtra’s Leadership: Maharashtra’s Rs. 6,066 crore allocation reflects its status as a corporate hub, attracting significant investments from companies like HDFC Bank and Reliance Industries. It accounts for approximately 18% of India’s total CSR funds.
- Gujarat’s Rise: Gujarat’s Rs. 2,708 crore in FY2024 (and Rs. 7,140 crore over five years) highlights its growing industrial base, with a focus on education (Rs. 2,437 crore) and healthcare (Rs. 2,217 crore). The 86% growth from FY2018-19 to FY2022-23 underscores its increasing CSR prominence.
- Sectoral Priorities: The emphasis on education and healthcare aligns with critical societal needs, while the 168% growth in livelihood enhancement reflects a strategic focus on economic empowerment.
- Geographical Disparities: While Maharashtra and Gujarat dominate, regions like the North Eastern states and Lakshadweep receive minimal funding, indicating a need for more equitable CSR distribution.
The 29% growth in India Inc’s CSR spending to Rs. 12,897 crore in FY2024 reflects a broader commitment to sustainable development, with 48% of companies exceeding mandated budgets.
Table: Key Facts from ICRA ESG Ratings Report (FY2024)
| Category | Details |
|---|---|
| Top Recipient (State) | Maharashtra – ₹6,066 crore (47% of total CSR spend) |
| Second Recipient (State) | Gujarat – ₹2,708 crore |
| Combined Share | ₹8,774 crore by Maharashtra & Gujarat (68.06% of ₹12,897 crore total) |
| Total CSR Expenditure | ₹12,897 crore (29% rise from FY2022’s ₹9,989 crore) |
| Average CSR per Company | ₹129 crore (Top 100 listed companies) |
| Education Allocation | ₹12,134 crore (81% growth from FY2022) |
| Healthcare Allocation | ₹7,151 crore (↓ from ₹8,049 crore in FY2022) |
| Livelihood Enhancement | ₹2,360 crore (168% increase from ₹881 crore in FY2022) |
| Rural Development | ₹2,408 crore (↑ from ₹1,847 crore in FY2022) |
| CSR in Aspirational Districts | ₹1,402.9 crore (115% increase from ₹651.4 crore in FY2021) |
(India CSR)
