Tata Steel Foundation Exceeds CSR Expenditure Norms, Amplifies Commitment to Societal Betterment
CSR spending sees a significant 17% increase in FY2022-23, surpassing the regulatory mandate
In a landmark move underscoring its unwavering commitment to societal betterment, the Tata Steel Foundation announced it has increased its spending on Corporate Social Responsibility (CSR) activities by 17% in the fiscal year 2022-23. The Foundation reported a total expenditure of INR 511 crore on CSR activities, a significant jump from the previous fiscal year.
Tata Steel, the parent company, significantly contributed to this funding with a contribution of INR 480.62 crore.
This remarkable financial commitment underscores the firm’s unflinching dedication towards creating a positive societal impact.
The Foundation’s expenditure for the year notably exceeded the regulatory mandate of 2% of the average net profit of the preceding three financial years.
This act of surpassing the set statutory requirement positions the Tata Steel Foundation as an exemplar in the field of corporate social responsibility, demonstrating what diligent CSR practices can achieve in fostering societal betterment.
The increase in expenditure is expected to further enhance the reach and depth of the Foundation’s initiatives, contributing towards a more equitable and inclusive society. This action sets a lofty benchmark for other corporations, underlining the significant potential of corporate India in contributing to societal progress.
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