MUMBAI: In FY 2020-21, the JSW Steel spent an amount of Rs. 78.32 crores towards CSR expenditure, and an additional Rs. 86.49 crores were transferred to the unspent CSR account. The company has contributed Rs. 75 crores to PM Cares Fund.
The Company has incurred an amount of Rs. 165 crores (31 March 2020 Rs. 140 crore) towards Corporate Social Responsibility (CSR) as per Section 135 of the Companies Act, 2013 and is included in other expenses, the company annual report said.
It is to be noted that at a consolidated level, the Company earmarked Rs. 176 crores for CSR expenditure, of which Rs. 86.49 crores have been transferred to the unspent CSR account.
JSW Steel’s CSR approach is based on a framework that is developed to identify key stakeholder groups, including the local community, the local government or bodies, academia and research institutions, investors, etc.
“We preserve and protect our social license to operate by collaborating with communities and championing many initiatives as part of our CSR programme. These initiates range from health and nutrition, agriculture, water management to empowering women – all of which are being increasingly delivered through innovative technology platforms. Our efforts have impacted over a million lives spanning over 1,000 villages across 11 states.”, the company said.
The Company contributes towards CSR with the aim of mitigating the major challenges faced by the communities, especially the economically and socially disadvantaged, across all locations where it has operations. The interventions focus on programmes aimed at creating development models that can be replicated at scale and adopted across geographies with similar issues.
The CSR interventions are wholly based on the needs assessed through community engagement, backed with a definitive structure arising from the of needs of the local area and the existing systemic gaps
JSW Foundation
JSW Foundation is registered as a Charitable Trust since 1989 and has been focusing on various initiatives across all Steel locations with dedicated full time CSR teams. The impact areas identified and the initiatives undertaken are tailored to our local communities but contribute to global goals and the national development agenda.
Objective
“Our overall approach is to provide holistic life-cycle based interventions catering to all sections of society, age groups and those requiring extra attention. The strategy is to find the key connect amongst the various CSR thematic thrust areas to attain better complementarity, e.g. water interventions linked to agribusiness and livelihoods initiatives.”, report said.
JSW Steel’s CSR interventions have reached out to communities across more than 255 villages in 4 states of India with special focus on Health & Nutrition, Education, Water, Environment & Sanitation, Agree-Livelihoods, Livelihoods, Need based community development initiatives. Beneficiaries of community initiatives (Direct & Indirect beneficiaries about 5.5 lakhs)
CSR Approach
JSW Steel’s CSR approach is based on a framework that is developed to identify key stakeholder groups, including the local community, the local government or bodies, academia and research institutions, investors, etc. The CSR interventions are wholly based on the needs assessed through community engagement, backed with a definitive structure arising from the identification of needs of the local area and the existing systemic gaps.
Natural resource management is one of the key areas identified for addressing the basic issue of poverty. Leveraging the substantial work that had been done around watershed management, steps were taken to develop synergies, thereby improving agricultural productivity and generating livelihoods. Another area that has received renewed focus is the gap in the field of education that is being bridged through the provision of supplementary teachers.
