India’s CSR expenditure reached a record ₹40,794 crore in FY 2024–25, rising 17% year-on-year
NEW DELHI (India CSR): India’s ten largest corporate social responsibility spenders collectively invested Rs. 7,123 crore during FY 2024–25, accounting for approximately 17% of the country’s total CSR expenditure, according to the CSR Performance Report 2026 by research firm Fulcrum. Reliance Industries Limited emerged as India’s largest CSR contributor, spending Rs. 1,309 crore. HDFC Bank ranked second with Rs. 1,039 crore, while Tata Consultancy Services occupied the third position with an expenditure of Rs. 949 crore.
The ranking reflects more than corporate scale. It reveals the increasing concentration of social investment among a small group of companies, the dominance of private-sector enterprises and the growing influence of large corporate groups over India’s CSR landscape.
India’s CSR Expenditure Crosses ₹40,000 Crore
India’s total CSR expenditure increased by 17% to a record Rs. 40,794 crore in FY 2024–25, compared with Rs. 34,909 crore during the previous financial year. A total of 29,546 companies reported CSR expenditure during the year, including 1,012 companies newly entering the CSR framework. Together, these companies supported 72,233 projects across India.
The number of CSR projects increased by 21% year-on-year, while the number of participating companies grew by approximately 9%. India’s CSR journey has expanded considerably since FY 2014–15, when companies spent Rs. 10,066 crore. Cumulative corporate social investment has now crossed Rs. 2.61 lakh crore. Read full report: India’s CSR – Corporate Social Responsibility Spending Hits Record Rs. 40,794 Crore in FY 2024–25 I India CSR
Top 10 CSR Spenders
| Rank | Company | CSR Spent | CSR Obligation | YoY Growth |
|---|---|---|---|---|
| 1 | Reliance Industries Ltd. | ₹1,309 crore | ₹1,048 crore | 46% |
| 2 | HDFC Bank Ltd. | ₹1,039 crore | ₹1,060 crore | 13% |
| 3 | Tata Consultancy Services Ltd. | ₹949 crore | ₹953 crore | 17% |
| 4 | ONGC Ltd. | ₹904 crore | ₹908 crore | 48% |
| 5 | Tata Steel Ltd. | ₹580 crore | ₹580 crore | Not stated |
| 6 | Indian Oil Corporation Ltd. | ₹555 crore | ₹574 crore | 27% |
| 7 | Infosys Ltd. | ₹519 crore | ₹540 crore | 15% |
| 8 | Reliance Jio Infocomm Ltd. | ₹482 crore | ₹482 crore | 20% |
| 9 | ITC Ltd. | ₹435 crore | ₹461 crore | 14% |
| 10 | NTPC Ltd. | ₹351 crore | ₹383 crore | 76% |
| Total | Top 10 companies | ₹7,123 crore | ₹6,989 crore | — |
Reliance Widens the Gap at the Top
Reliance Industries spent Rs. 261 crore above its prescribed obligation. Its contribution increased from Rs. 899 crore in FY 2023–24 to Rs. 1,309 crore in FY 2024–25. The company spent Rs. 270 crore more than second-ranked HDFC Bank. The difference between the two leading contributors widened to 26%, compared with only 2.5% in the previous year.
HDFC Bank reported Rs. 1,039 crore of expenditure against an obligation of Rs. 1,060 crore. TCS followed closely with Rs. 949 crore against its prescribed Rs. 953 crore.
ONGC Leads Public-Sector Companies
ONGC remained the largest public-sector CSR contributor, spending Rs. 904 crore. Its expenditure rose 48% from Rs. 612 crore in the preceding year. ONGC, Indian Oil and NTPC were the only public-sector enterprises in the top ten. Their combined contribution stood at Rs. 1,810 crore, representing about 25% of the top-ten total. Seven private-sector companies contributed the remaining Rs. 5,313 crore.
NTPC Records Fastest Growth
NTPC registered the sharpest annual increase among the leading companies. Its contribution grew 76%, from Rs. 200 crore to Rs. 351 crore. ONGC recorded the second-highest growth at 48%, followed by Reliance Industries at 46%. Indian Oil’s contribution increased 27%, while Reliance Jio registered 20% growth. Tata Steel maintained fifth place for the fourth consecutive year and spent exactly its prescribed Rs. 580 crore.
Reliance and Tata Groups Command Major Share
Reliance Industries and Reliance Jio jointly contributed Rs. 1,791 crore. TCS and Tata Steel together invested Rs. 1,529 crore. Companies from the Reliance and Tata groups therefore accounted for Rs. 3,320 crore—nearly 47% of the top-ten total. This concentration gives a few corporate boards considerable influence over programme priorities, implementing partnerships and the geographical distribution of social investment.
National CSR Spending Rises 17%
India’s total CSR expenditure reached Rs. 40,794 crore, up from Rs. 34,909 crore in FY 2023–24.
| National CSR Indicator | FY 2024–25 |
|---|---|
| Total CSR expenditure | ₹40,794 crore |
| Annual growth | 17% |
| Companies reporting CSR | 29,546 |
| New companies under CSR ambit | 1,012 |
| Projects implemented | 72,233 |
| Growth in projects | 21% |
| Cumulative CSR since FY 2014–15 | Over ₹2.61 lakh crore |
The 29,536 companies outside the top ten collectively contributed Rs. 33,671 crore, averaging approximately Rs. 1.14 crore per company.
Education and Healthcare Dominate
Education remained the largest CSR theme, attracting Rs. 13,877 crore. Healthcare followed with Rs. 8,531 crore. Together, they received Rs. 22,408 crore, representing 55% of national expenditure.
| Thematic Area | Amount | National Share | YoY Growth |
|---|---|---|---|
| Education | ₹13,877 crore | 34% | 14% |
| Healthcare | ₹8,531 crore | 21% | 19% |
| Environmental sustainability | ₹3,397 crore | 8% | 40% |
| Livelihood enhancement | ₹2,548 crore | 6% | 8% |
| Rural development | ₹2,477 crore | 6% | 3% |
Environmental sustainability recorded the strongest increase among the five major themes, rising 40%. Rural development grew by only 3%.
Geography Remains Unequal
The ten largest recipient states and Union Territories attracted 74% of the national expenditure, up from 61% in FY 2023–24. Maharashtra received Rs. 8,631 crore, followed by Gujarat at Rs. 4,549 crore and Karnataka at Rs. 3,395 crore. Delhi and Tamil Nadu attracted Rs. 2,753 crore and Rs. 2,738 crore, respectively.
The concentration reflects the location of corporate headquarters, industries and established implementing organisations. It also raises concerns about limited funding for northeastern states, remote districts and regions with a smaller corporate presence.
Expenditure Does Not Alone Establish Impact
The ranking measures financial contribution, not the quality or durability of outcomes. A complete assessment must consider beneficiaries, geographical equity, community participation, project sustainability and independently verified results.
Spending below the stated obligation should also not automatically be treated as non-compliance. Companies may transfer eligible unspent amounts to prescribed funds or an Unspent CSR Account, subject to statutory conditions.
India’s rising CSR expenditure is an important achievement. Its true value, however, will depend on whether the money produces measurable and lasting improvements for underserved communities.
Source: Bharat CSR Performance Report 2026, primarily pages 3–14. The report notes that delayed or revised MCA filings may produce variations of approximately 2%–4% in subsequent datasets.
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