Indian corporate sector spent Rs 92,981 crore in CSR over three years: Union Minister

Jaipur, July 30 (IANS) The Indian corporate sector spent Rs 92,981 crore under Corporate Social Responsibility (CSR) over the past three financial years, said Minister of State for Corporate Affairs Harsh Malhotra, in response to a question raised by Rajya Sabha MP Madan Rathore.

He said that it has further significantly contributed to the nation’s development in sectors such as education, health, environment, and vocational training

MP Madan Rathore stated that Indian companies spent Rs 27,141 crore in 2021–22, Rs 30,932 crore in 2022–23, and Rs 34,908 crore in 2023–24 under CSR, registering a consistent increase of Rs 7,000 crore during this period.

He emphasised that under the leadership of Prime Minister Narendra Modi, the country is witnessing steady progress in entrepreneurship, with the private sector not only generating employment but also taking greater responsibility toward societal welfare.

According to Rathore, the maximum CSR funds in India during this period were utilised in Maharashtra (Rs 17,177 crore), Gujarat (Rs 6,380 crore), Karnataka (Rs 6,161 crore), and Tamil Nadu (Rs 5,046 crore).

In Rajasthan alone, companies contributed over Rs 3,000 crore to CSR activities in the last three years.

He informed that Indian companies are required to spend about 2 per cent of their average net profits on CSR, and the projects fall under 26 different categories such as agro-forestry, animal welfare, education, healthcare, natural resource conservation, sanitation, safe drinking water, women’s welfare, senior citizens' care, socio-economic equality, art and culture, sports, and vocational training. Based on data from the Corporate Data Management Cell, education emerged as the top priority for CSR funding.

Companies spent Rs 6,717 crore in 2021–22, Rs 10,414 crore in 2022–23, and Rs 12,134 crore in 2023–24 on education initiatives alone. Other sectors with substantial funding include healthcare, rural development, environmental sustainability, and skill development.

Rathore emphasised that the growing CSR contributions reflect the corporate sector’s commitment to inclusive growth and national development, ensuring that the benefits of economic progress reach all sections of society.

--IANS

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