Maharashtra and Gujarat led CSR allocations in FY2024, with education, healthcare, and livelihood witnessing the highest thematic growth.
NEW DELHI/MUMBAI (India CSR): Maharashtra and Gujarat have emerged as the top recipients of corporate social responsibility (CSR) funds from India’s top 100 listed companies in FY2024, collectively accounting for Rs. 8,774 crore. Maharashtra led with Rs. 6,066 crore of the total CSR spend, while Gujarat followed with Rs. 2,708 crore. Karnataka and Tamil Nadu received Rs. 2,255 crore and Rs. 1,969 crore respectively, while Delhi attracted Rs. 1,545 crore. Odisha and Andhra Pradesh witnessed the highest percentage growth in CSR allocations between FY2022 and FY2024, with increases of 85 percent and 70 percent respectively.
Overall, 61 percent of India Inc’s CSR funds were concentrated across ten states, reflecting strong alignment with regional development priorities and operational footprints.
ICRA ESG Ratings’ latest report, ‘Beyond Compliance: CSR Leadership Among India’s Top 100 Companies – A comparative analysis of CSR Trends for India Inc.’ also highlights a fundamental shift in India Inc’s CSR approach, from compliance to commitment, driven by strategic focus, regional responsiveness, and long-term developmental impact.
Table 1: Top States by CSR Allocations in FY2024
| State | CSR Allocation (Rs. Crore) |
|---|---|
| Maharashtra | 6,066 |
| Gujarat | 2,708 |
| Karnataka | 2,255 |
| Tamil Nadu | 1,969 |
| Delhi | 1,545 |
In total, India’s top 100 listed companies spent Rs. 12,897 crore on CSR in FY2024, marking a 29 percent rise from Rs. 9,989 crore in FY2022. This growth in CSR spending was underpinned by a 37 percent increase in average net profits during the same period. The average CSR spend per company reached Rs. 129 crore. Notably, 16 companies raised their CSR contributions despite reporting a decline in profits, underscoring a commitment to social development beyond statutory obligations.
Education and healthcare continued to dominate CSR priorities. Education-related initiatives saw spending nearly double, rising from Rs.6,719 crore in FY2022 to Rs.12,134 crore in FY2024—an 81 percent jump. Healthcare remained the second-largest focus area, with companies collectively spending Rs.7,151 crore in FY2024, compared to Rs.8,049 crore in FY2022.
Table 2: States with Highest Growth in CSR Allocations (FY2022–FY2024)
| State | Growth (%) |
|---|---|
| Odisha | 85% |
| Andhra Pradesh | 70% |
Corporate interest in livelihood enhancement and rural development also grew sharply. The livelihood sector received Rs.2,360 crore in FY2024, up from Rs.881 crore in FY2022, reflecting a 168 percent increase. Rural development spending climbed from Rs.1,847 crore to Rs.2,408 crore over the same period.
CSR initiatives in aspirational districts expanded significantly. Spending rose by 115 percent from FY2021 to FY2023, increasing from Rs.651.4 crore to Rs.1,402.9 crore. In FY2024, companies such as Infosys, Canara Bank, and Tata Motors implemented programmes across over 100 of India’s 112 aspirational districts. The iron and steel sector led contributions to these regions, with Tata Steel alone accounting for Rs.280.3 crore.
Table 3: CSR Spending by Theme (FY2022 vs FY2024)
| Theme | FY2022 Spend (Rs. Crore) | FY2024 Spend (Rs. Crore) | Growth (%) |
|---|---|---|---|
| Education | 6,719 | 12,134 | 81% |
| Healthcare | 8,049 | 7,151 | -11.1% |
| Livelihood | 881 | 2,360 | 168% |
| Rural Development | 1,847 | 2,408 | 30.4% |
In terms of financial discipline, 73 percent of companies fully utilised their CSR budgets in FY2024, and 48 percent exceeded the mandated limits. Leading contributors included HDFC Bank with Rs.945 crore, Reliance Industries with Rs.900 crore, and Tata Consultancy Services with Rs.827 crore.
Commenting on the findings, Sheetal Sharad, Chief Ratings Officer, ICRA ESG Ratings Limited, said, “The growing alignment with UN SDGs and proactive CSR spending—even beyond mandated budgets—reflects a maturing approach to inclusive development. These efforts are not only enhancing stakeholder value but also contributing meaningfully to India’s broader climate and social goals.”
(India CSR)
