Steel Authority of India Limited (SAIL) is a public sector company in India that is committed to fulfilling its corporate social responsibility (CSR) obligations as required by the Companies Act, 2013.
In this article, we will explore SAIL’s CSR initiatives and spending in the 2021-22 fiscal year, as well as the company’s future plans for meeting its CSR obligations.
I. Introduction
Corporate social responsibility (CSR) refers to the efforts that businesses make to address the social, economic, and environmental impacts of their operations. These efforts can take many forms, such as philanthropy, community engagement, environmental sustainability initiatives, and ethical business practices. CSR is voluntary, meaning that companies are not required by law to engage in these activities, but many do so as a way of demonstrating their commitment to being a responsible corporate citizen.
The Companies Act, 2013 is a law in India that requires certain companies to spend a certain percentage of their net profits on CSR activities. This is known as the “CSR mandate.” The Act specifies that the CSR activities must be in line with the company’s business and must address issues such as poverty, education, health, and the environment.
II. Steel Authority of India Limited (SAIL)
Steel Authority of India Limited (SAIL) is a public sector company in India that is focused on the production of steel. SAIL is committed to fulfilling its corporate social responsibility (CSR) obligations as required by the Companies Act, 2013.
III. CSR Spending
In the 2021-22 fiscal year, SAIL has budgeted for CSR spending of INR 80.47 crore (about $11 million), which is an increase from the previous year’s budget of INR 39.44 crore.
SAIL has already spent INR 94.24 crore on CSR activities during the year, including a contribution of INR 50 crore to the Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM CARES) fund and INR 7.95 crore on the construction or acquisition of assets.
Any excess in CSR spending will be carried forward to the next three fiscal years.
IV. CSR Initiatives
SAIL’s CSR initiatives focus on development in six aspirational districts in the states of Jharkhand and Chhattisgarh, with a total expenditure of INR 1,011 lakhs (about $137,000).
These initiatives are in line with the Companies Act, 2013 and prioritize health, education, and the environment.
V. Future Plans
SAIL is dedicated to utilizing unspent CSR funds in the future and meeting its CSR obligations.
“The excess amount spent on CSR activities, INR 13.77 crore, will be carried forward to the succeeding three financial years, compared to the INR 7.74 crore carried forward in the previous year.
Note for Readers: We hope that you enjoyed reading this article and found it useful and thought-provoking. If so, please consider sharing it within your network and on social media.
Declaimer: Reprinting or republishing this article in web media or other formats is not permitted by India CSR.
(CopyRight@India CSR)
