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India Inc’s CSR spending rises by 22% per cent: CRISIL

Jan 31, 2017

The Companies Act, 2013, encourages corporates to spend at least 2% of their average net profit.

New Delhi: CRISIL Foundation’s analysis of India Inc’s CSR activity last fiscal shows overall spending increased a significant 22%, with bulk of the money going into education, skills development, healthcare and sanitation initiatives.

The Companies Act, 2013, encourages corporates to spend at least 2% of their average net profit of the past three years on CSR activities.

In fiscal 2016, the second year of the CSR mandate, 1,505 companies, or 30% of the 4,887 listed on the Bombay Stock Exchange, met the criteria for mandatory spending. Of these, 77%, or 1,158 companies, reported on their CSR activity, compared with 1,024 companies, or 75% of the ~1,300 eligible in fiscal 2015.

These 1,158 companies also spent a lot more money compared with fiscal 2015, which led to a 29 basis points improvement in average spending to 1.64% compared with 1.35% in fiscal 2015, moving closer to the 2% mandate.

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