NEW DELHI: Prescribed CSR budget of Indian corporate has increased by 28% in FY 2016-17 since FY 2014-15 while the actual CSR spend has gone up by 47% during the same time, a recent report said.
This substantial increase in CSR funding in the last financial year has given a lot of push to quality education initiatives along with intensifying Skilling India Mission and Swachh Bharat Mission of Government of India.
Education project received 32% of the CSR fund while Swachh Bharat related projects received 7.3% of Indian companies’ CSR fund. As per report, BSE-listed big 300 companies spent collectively Rs. 6871 Cr. on CSR in FY 2016-17 while the same was Rs 6342 Cr. in FY 2015-16.
However the actual to prescribed CSR percentage has fallen from 92% in 2015-16 to 90% in 2016-17.
A recent report said. It that 1/3rd of the companies could not meet the mandatory CSR while 1/3rd of the companies spend more than the prescribed CSR. A few companies have taken CSR to the next level by spending almost twice or more of the prescribed CSR, according to a press statement.
Statewise distribution of CSR Fund
- Maharashtra received 16.5% of the Country’s CSR fund
- Gujarat received 6.9% of the Country’s CSR fund
Odisha has seen a substantial rise in CSR fund with jumping up to the 3rd largest CSR fund receiver in FY 2016-17 while it was in 8th place in FY 2015-16.
Urban slum development and welfare for army veterans received little attention from businesses with Rs 34 Cr spent in both of these areas while technology incubation for start-ups is gradually gaining the pitch with Rs 20 cr. CSR spent where companies are readying up for supporting start-ups. Healthcare projects received 17% of the CSR fund.