NEW DELHI (India CSR): Vedanta Group, India’s leading producer of metals, minerals and oil & gas, in its recently released seventh Tax Transparency Report has said that it spent Rs. 399 crores (Rs. 331 Crores in 2020-21) on social impact initiatives in FY2022 under corporate social responsibility (CSR) mandate.
The development work has positively impacted the lives of 100 million women and children, the company claimed. The company has embedded community welfare at the core of decision-making.
Anil Agarwal-led company also reported a contribution of Rs. 54,165 crores (Rs. 34,562 crores in 2020-21) to the public exchequer by way of paying Corporate Income taxes, royalties, profit petroleum, and others during the year 2021-22. The contribution is around 41% of its turnover.
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Vedanta has been committed to conducting its business in a socially responsible, ethical and environmentally friendly manner and continuously works towards improving the quality of life of the communities in and around its operational areas.
The company is constantly striving to create an environment of safety and well-being for various communities.
This year has been a historic one for the company as it reported the highest ever consolidated Revenue and EBITDA of Rs. 131,192 crores and Rs. 45,319 crores respectively. With enhanced focus on transparency and commitment to Environmental, Social and Governance (ESG), Vedanta continues to surge ahead to deliver sustainable long-term returns to all its stakeholders, the report revealed.
Through its CSR, Vedanta envisions an enlightened, equitable society in which every individual realises her or his potential with dignity through work with tribal and excluded communities to co-create transformative, efficient and lasting solutions to their development challenges.
CSR in India
In India, Section 135 of the Companies Act, 2013 (‘Act’) mandates every company have a net worth of Rs. 500 crore or more, or a turnover of Rs. 1000 crore or more, or net profit of Rs. 5 crores or more during the immediately preceding financial year to undertake Corporate Social Responsibility (CSR) activities.
CSR of Indian companies is not limited to philanthropy but encompasses holistic community development, institution-building and sustainability-related initiatives. The company’s CSR Policy aims to provide a dedicated approach to community development in the areas of water conservation, health and hygiene, skill development, education, social advancement, gender equality, empowerment of women, ensuring environmental sustainability and rural development projects.
Companies are required to deliver long-term sustainable growth while driving change on urgent issues like climate and nature, social inequality, and health and wellbeing. India needs to bridge the divide to a fairer, more socially inclusive world. A India where we all live with, rather than at the expense of, nature and the environment.
Also Read: Vedanta contributes Rs. 54,165 cr to the public exchequer in FY 2022
(India CSR)
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