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Firms spending 63% more than the prescribed CSR: study

Sep 24, 2019

The prescribed CSR for which was Rs 10866.38 Cr while actual CSR spent is Rs 10904.01 Cr.

New Delhi: Reliance Industries Ltd, NTPC, ONGC and Power Grid Corporation of India Ltd spent more than their prescribed CSR budgets in FY 2018-19, according to the India CSR Outlook Report 2019 (ICOR) published by NGOBOX at the inaugural day of the6th edition of India CSR Summit 2019 held in New Delhi today.

In FY 2018-19 Reliance Industries again became the top spender amongst the top 10 performers to spend more than its prescribed CSR budget spending 849.32cr.This year, the ‘India CSR Summit & Exhibition' looked more promising with 400 companies, 3200 Delegates, 1900 organisations, 70+ startups and innovators, making it the largest development sector forum in Asia was held at Hotel Pullman & Novotel, New Delhi.

The Total number of CSR projects held this year was 6131. The prescribed CSR for which was INR 10866.38 Cr and Actual CSR spent is INR 10904.01 Cr. Thus the CSR Compliance this year has been 95.06% which indicates a renewed sense of seriousness amongst companies as they have strived to match or surpass the prescribed CSR requirements with the actual CSR spends.

“The 2019 report is the 5th such annual publication after 2015, 2016, 2017 and 2018 reports which provides an in-depth analysis of CSR spends of big 368 companies in FY 2018-19 which shows Corporate India's social responsibility graph headed up with 7.35%. The report visualizes a few important curves of CSR landscapes in India, entirely based on the actual CSR spending data of these companies, as reported by them in mandatory disclosures. Till last year we have seen companies spending 30-35% more than the prescribed CSR, but this time we have seen 2/3rd of companies spending 63% more than the prescribed CSR”, informs Mr. Bhomik Shah, CEO, CSRBOX.

The 2-day event is hosted by NGOBOX, UNICEF, NSDC and Goodera.These 368 companies account for almost 3/4th of the total CSR spend in India, making it a big sample size for any such study and analysis and were short-listed on the basis of INR 1 Cr. or above prescribed CSR in FY 201819, Listed on BSE or subsidiary of a BSE-listed company, availability of data by 31st Aug. 2019 and CSR disclosures as per the Companies Act, 2013.

Few interesting facts of the India CSR Outlook Report (ICOR) 2019 reveals 368 total number of companies in the report and 6131 total number of projects.63% companies spent more than the prescribed CSR. 10% spent the exact CSR as prescribed and 27% spent less than the prescribed CSR. The Average Prescribed CSR Per Company (in INR Cr.) is 29.44.

The number of projects implemented by companies has increased by 17% than last financial year. There has been almost 25% increase in education and skills-based projects from last financial year. Maharashtra, Karnataka and Orissa received almost 25% of the India’s total CSR fund whereas West Bengal, Assam and Kerala received the lowest CSR funds.

CSR Compliance among Public Sector Entreprises (PSE’s) in FY 2018-19 has been 107%. Public Sector Companies have 31% share in India's CSR Fund. 3368 cr have been the CSR spends for PSE’s and the unspent CSR spent has been 654 cr.

Western India received more than 20% of the CSR Fund in India. 30% of the total implemented projects were aligned to SDG 4, i.e Quality Education. Education and skill based projects received the highest amount of the CSR fund. Oil, drilling, lubricants & petrochemical sector contributed the highest amount in CSR based projects. 1806 projects were implemented which focused on children.

Bhomik Shah, CEO, NGOBOX and CSRBOX shared, "The 2019 event is of greater importance for us as India enters in the sixth year of CSR compliance. Indian businesses spent close to INR 55,000 Cr on development projects in past five years to help India move towards achieving the UN Sustainable Development Goals (SDGs).

This is the time for us to take a pause, think, re-think and realign to get the best out of each penny that goes for community impacts". Few interesting discourses to watch out for are India Poshan Forum, highlighting Malnutrition in India, India Skill Forum 2.0 to highlight the need of Indian Villages: Rural Development through CSR, India Water Forum: Bringing Water at the Centre of CSR Agenda and more.

The India CSR Summit & Exhibition is South Asia’s largest CSR, SDGs and social impact that brings together business leaders, board directors, CSR foundations, impact investors, philanthropists, innovators, government agencies, the UN bodies and non-profits leaders to explore synergies and co-create solutions.

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