NEW DELHI (India CSR): In the financial year 2023-24, Oil and Natural Gas Corporation (ONGC) achieved a remarkable milestone by registering its highest-ever Corporate Social Responsibility (CSR) expenditure. With a total CSR spending of Rs. 6,345.74 million, including Rs. 809.62 million in ONGC’s Aspirational Districts, the company continues to demonstrate its commitment to social and environmental welfare.
ONGC, one of India’s largest public sector enterprises, has always been a leader in contributing to the nation’s social fabric through its wide range of CSR initiatives. In FY 2023-24, the organization surpassed its previous benchmarks, spending a record Rs. 6,345.74 million on various projects aimed at uplifting marginalized communities, improving infrastructure, and promoting sustainable development. This level of commitment reaffirms ONGC’s role as a socially responsible corporate giant under the purview of Section 135 of the Companies Act, 2013.
Focus on Aspirational Districts
A significant portion of ONGC’s CSR efforts in FY 2023-24 was channeled toward the development of Aspirational Districts, with Rs. 809.62 million dedicated to uplifting these underserved regions. This focus aligns with the government’s vision of addressing regional imbalances in development by improving the quality of life in some of the most backward districts in India. The projects undertaken in these areas spanned various sectors, including healthcare, education, livelihood generation, and environmental sustainability.
ONGC’s CSR Compliance and Financial Performance
As per Section 135 of the Companies Act, 2013, ONGC is required to allocate at least 2% of its average net profit from the previous three years to CSR activities. In FY 2023-24, the company recorded an average net profit of Rs. 325,167.11 million, leading to a mandatory CSR obligation of Rs. 6,503.34 million. Despite this target, ONGC managed to spend Rs. 6,345.74 million, including administrative overheads and impact assessments.
ONGC’s CSR spending for FY 2023-24:
| Key Facts | Details |
|---|---|
| Total CSR Spending | Rs. 6,345.74 million |
| CSR Spending in Aspirational Districts | Rs. 809.62 million |
| Average Net Profit for CSR Calculation | Rs. 325,167.11 million |
| CSR Obligation (2% of Net Profit) | Rs. 6,503.34 million |
| CSR Projects Spending | Rs. 6,124.17 million |
| Administrative Overheads | Rs. 217.06 million |
| Impact Assessment Spending | Rs. 4.50 million |
| Excess CSR Spending | Rs. 303.74 million |
| Beneficiaries of Healthcare, Hunger, Water | 8.65 million (64% from vulnerable groups) |
| Beneficiaries of Education & Livelihood | 6.07 million (73% from vulnerable groups) |
| Beneficiaries of Environmental Projects | 11.92 million (70% from vulnerable groups) |
| Beneficiaries of Rural Development Projects | 8.39 million (69% from vulnerable groups) |
| Unspent CSR Amount Transferred | Rs. 0.48 million |
Detailed Beneficiaries of ONGC’s CSR Projects
ONGC’s CSR projects in FY 2023-24 directly benefited millions of people across various sectors, with a particular focus on marginalized and vulnerable communities.
Key Areas of Focus:
- Healthcare, Hunger, and Safe Drinking Water: Benefiting 8.65 million people, 64% of whom were from vulnerable and marginalized groups.
- Education, Skill Development, and Livelihood Generation: Reaching 6.07 million individuals, with 73% belonging to marginalized sections of society.
- Environmental Sustainability: Projects aimed at ecological balance, agro-forestry, and conservation of natural resources reached 11.92 million beneficiaries, with 70% from disadvantaged backgrounds.
- Rural Development: ONGC’s rural development initiatives benefited 8.39 million people, helping improve infrastructure, agriculture, and livelihood opportunities for 69% marginalized communities.
Environmental Sustainability Initiatives
ONGC remains committed to protecting the environment, with a large portion of its CSR budget directed towards promoting environmental sustainability. Projects focusing on ecological balance, flora and fauna conservation, and agro-forestry reached nearly 12 million beneficiaries. The company actively promotes the adoption of sustainable practices in energy consumption, waste management, and biodiversity conservation. These efforts align with ONGC’s broader sustainability goals and reinforce its commitment to creating a green and sustainable future.
Education and Skill Development Projects
ONGC also placed strong emphasis on education and skill development. Its CSR activities aimed at enhancing access to quality education and vocational training reached over 6 million beneficiaries, with a focus on empowering marginalized groups. By investing in educational infrastructure and livelihood generation programs, ONGC is enabling communities to achieve sustainable development and financial independence.
ONGC’s Contribution to Healthcare
In the healthcare sector, ONGC’s CSR spending was directed towards combating hunger, malnutrition, and providing access to safe drinking water. These projects benefited 8.65 million people, including a significant portion of vulnerable groups. ONGC’s initiatives contributed to improving the overall health and well-being of underserved communities, especially in rural areas.
Promoting National Heritage and Sports
ONGC’s CSR contributions extended beyond healthcare and education to the preservation of India’s rich national heritage. Projects aimed at promoting art, culture, and heritage preservation benefited thousands of people, fostering a greater appreciation for the country’s cultural wealth. Additionally, ONGC actively supported the promotion of sports, reaching out to marginalized youth and providing them with opportunities for development through sports infrastructure and programs.
Financial Year CSR Obligations and Performance
During FY 2023-24, ONGC’s CSR obligation amounted to Rs. 6,041.99 million. However, the company’s actual spending surpassed this amount, reaching Rs. 6,345.74 million, a testament to its dedication to making a significant social impact.
Set-off and Unspent Funds:
- Excess CSR Spending: Rs. 303.74 million
- Amount transferred to Unspent CSR Account: Rs. 0.48 million as of March 31, 2024
Despite the substantial CSR spending, a minimal amount was left unspent and subsequently transferred as per the legal requirements. This shows ONGC’s meticulous planning and execution of CSR projects, ensuring maximum utilization of funds for public welfare.
A Testament to Social Responsibility
In conclusion, ONGC’s record CSR spending in FY 2023-24 demonstrates its unwavering commitment to social responsibility and sustainable development. From healthcare and education to environmental sustainability and rural development, the company’s efforts have reached millions of beneficiaries, particularly from vulnerable and marginalized communities. Through its comprehensive CSR initiatives, ONGC continues to be a torchbearer of corporate responsibility, setting an example for other enterprises to follow.
With a robust plan for future CSR projects and a clear focus on addressing the country’s socio-economic challenges, ONGC remains dedicated to driving positive change in society.
इसे हिंदी में भी पढ़ें: ओएनजीसी लिमिटेड (ONGC) ने वित्त वर्ष 2023-24 में CSR पहलों पर 634 करोड़ रुपये खर्च किए
India CSR @ Copyright
