By Rusen Kumar
NEW DELHI (India CSR): During the year 2021-22, Tata Steel contributed Rs. 406 crores towards CSR expenditure and development programmes reaching about 2.87 million beneficiaries. It continued development work in the areas of healthcare, education, livelihood and providing access to drinking water. It revamped the medical care infrastructure across our operating locations to better deal with health emergencies in the future.
“During the year ended March 31, 2022, in respect of CSR activities revenue expenditure incurred by the Company amounted to Rs. 405.97 crores [Rs. 398.11 crore has been paid in cash and Rs. 7.86 crore is yet to be paid].”, the company said.
As per the Companies Act, 2013, the amount required to be spent by Tata Steel on Corporate Social Responsibility (CSR) activities during the year was Rs. 266.57 crores (2020-21: Rs. 189.85 crores). During the year ended March 31, 2022 the amount approved by the Tata Steel Board to be spent on CSR activities was Rs. 526.00 crores (2020-21: Rs. 270.17 crores).
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The amount spent relates to a purpose other than construction or acquisition of any asset and out of the above, Rs. 167.21 crores was spent on ongoing projects during the year.
No amount was unspent for the year ended March 31, 2022, and the Company does not propose to carry forward any amount spent beyond the statutory requirement.
During the year ended March 31, 2021, revenue expenditure incurred by the Company amounted to Rs. 229.97 crores [Rs. 225.22 crore has been paid in cash and Rs. 4.75 crore was yet to be paid], which included Rs. 87.34 crores spent on ongoing projects. There was no amount unspent for the year ended March 31, 2021.
During the year ended March 31, 2022, the amount spent on CSR activities through related parties was Rs. 309.42 crores (2020-21: Rs. 104.80 crores).
During the year ended March 31, 2022, revenue expenditure charged to the statement of profit and loss in respect of research and development activities undertaken was Rs. 212.44 crore (2020-21: Rs. 228.29 crores) including depreciation of Rs. 9.24 crore (2020-21: Rs. 9.43 crore). The Capital expenditure incurred in respect of research and development activities during the year was Rs.0.74 crore (2020-21: Rs. 2.75 crores).
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Tata Steel recently joined the Global Parity Alliance (GPA) by the World Economic Forum as one of its founding members to accelerate diversity, equity and inclusion (DE&I) in the workplace and beyond.
“A core tenet for us is to be partners in progress for communities which are the least served and underrepresented.”, Tata Steel said.
Its signature healthcare program, Maternal and Newborn Survival Initiative (MANSI) bagged the BRICS Solutions for SDGs Award under Good Health and Wellbeing category (SDG 3).
The Company implements its CSR programmes primarily through the Tata Steel Foundation, which works in close collaboration with public systems and partners.
Through its CSR, the Company 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.
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Through large-scale, proven Signature Theme Models of change, the Company addresses core development gaps in India, while being replicable at global platform.
These include programmes on maternal and child mortalities, access to school and learning enrichment for rural children, pan-India focus on key aspects of tribal identity, and comprehensive development through empowerment of panchayats between the manufacturing locations at Jamshedpur and Kalinganagar.
(India CSR)
