India Inc's CSR spending rises 29pc in FY22-FY24, education & healthcare lead: Report
The report by ICRA ESG Ratings showed that till March 2024, the sample set of companies collectively spent Rs 12,897 crore, with an average of Rs 129 crore on CSR initiatives.
Between FY2022 and FY2024, average net profits rose by 37 per cent while CSR spending increased by 29 per cent.
Notably, 16 out of 100 companies increased their CSR spending despite the decline in profits during the same period, reflecting a commitment to social responsibility beyond compliance.
Despite a decline in profits, 48 per cent of companies surpassed the mandated CSR budgets, underscoring their commitment beyond compliance.
'The growing alignment with UN SDGs and proactive CSR spending -- even beyond mandated budgets -- reflects a maturing approach to inclusive development. These efforts are not only enhancing stakeholder value but also contributing meaningfully to India's broader climate and social goals,' said Sheetal Sharad, Chief Ratings Officer, ICRA ESG Ratings.
Further, the report showed deepening alignment with the United Nations Sustainable Development Goals (UN SDGs), as companies increasingly move beyond regulatory compliance to proactively invest in initiatives -- particularly in quality education and good health and well-being -- that deliver long-term societal impact.
Education and healthcare remained the top CSR focus areas, with SDG 4 (Quality Education) and SDG 3 (Good Health and Well-being) showing the highest alignment across the sample set.
Maharashtra and Gujarat received the highest CSR allocations by corporates, while Odisha recorded a major growth of 85 per cent, followed by Andhra Pradesh with 70 per cent growth in CSR spending concentration, reflecting an increased corporate focus on underdeveloped regions with high development needs and potential for impact.
Sectoral leaders in CSR spending include the oil and gas refineries sector, private sector banks, the iron and steel sector, and software consulting firms.
CSR spending in aspirational districts surged by 115 per cent from FY2021 to FY2023.
While a few companies have directed up to half of their CSR budgets toward aspirational districts, the majority continue to allocate less than 5 per cent -- highlighting the need for greater strategic focus and resource allocation in aspirational districts.
While progress is evident, the report emphasises the importance of diversification in the CSR focus and exploration of innovative partnerships along with funding alternatives that can bring attention to other causes which are less supported yet remain vital.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
an hour ago
- Time of India
Tomatoes get expensive as rains hit supply, quality
Pune/Nashik: Tomato prices in the city soared to Rs 60 to Rs 70 per kg in retail markets and hit Rs 90 to Rs 100 a kg on quick commerce platforms. Rainfall and supply disruptions have led to limited supply in the market, pushing up prices. A Pune Agricultural Produce Market Committee (APMC) official said, "Owing to the rainfall, the supply of tomatoes has reduced in the market. The quality is also compromised usually in the monsoon. Wholesale rates are trending at around Rs 40 per kg," said Sharad Gongade, secretary of the Narayangaon market, a major hub for tomatoes in the state, said, "Prices have increased to Rs 700 to Rs 800 per 20kg crate now owing to lesser supply in the market. Prices should come down in a few weeks in August." You Can Also Check: Pune AQI | Weather in Pune | Bank Holidays in Pune | Public Holidays in Pune The average wholesale tomato price was recorded at Rs 911 a crate or Rs 45.55 per kg at Pimpalgaon and Nashik APMCs in Nashik district on Friday. The average wholesale tomato price increased by 153% in the last 14 days, from Rs 18 per kg on July 18 to Rs 45.55 per kg on Friday at Pimpalgaon and Nashik APMCs. In retail markets of Nashik, the tomato price increased from Rs 25 per kg on July 18 to Rs 70 per kg to date. Rajendra Khare, an official from Nashik APMC overseeing the tomato section, said rain damaged tomato crops, causing a drop in the arrivals of the produce. The arrivals of the tomatoes have dropped by around 40% in the last fortnight, from 10,500 crates per day around a fortnight back to around 7,000 crates per day so far. "The price of tomatoes depends on the quality of the vegetable. People have no choice but to buy it. In wholesale markets, the price for small tomatoes is Rs 30 to Rs 35 per kg, and in retail, we are selling at Rs 50 to Rs 60 per kg," said Rajesh Borude, a vendor at Somwar Peth. Rohit Suryanwanshi, a vendor at the Hadaspar vegetable market, said that prices in the retail market are between Rs 45 to Rs 60 depending on the quality. "Supply is less in the market, and that is the reason prices are higher. Best quality tomatoes are selling at around Rs 60 a kg," he said. Traders said the upward trend of prices is likely to continue till mid-August or more until the new produce reaches markets. Get the latest lifestyle updates on Times of India, along with Friendship Day wishes , messages and quotes !
Time of India
an hour ago
- Time of India
BU achieves first-ever A-grade in NAAC assessment
Bhopal: Barkatullah University achieved its first-ever A grade in the NAAC assessment. "The achievement reflects the dedicated work of faculty members, particularly the seven criteria coordinators and the designated committee, who strived to secure the highest possible grade to advance the university's development," Vice Chancellor Prof SK Jain stated. The university not only secured an A grade in NAAC but also received Rs 100 crore under PM Usha. These funds are enhancing academic standards, infrastructure development, and research initiatives. The institution also gained recognition in global rankings during this period. This accreditation enables the university to restart its distance education programmes, which were previously suspended. It will attract increased funding and collaborations with domestic and international institutions, enhancing research quality and opportunities. The status will facilitate academic and industry partnerships, while students will gain access to fellowships and scholarships from various institutions. Get the latest lifestyle updates on Times of India, along with Friendship Day wishes , messages and quotes !
Time of India
an hour ago
- Time of India
Like a slap on face: For drivers of BluSmart, a tough afterlife
Gurgaon/New Delhi: They were the faces behind the green revolution in India's ride-hailing sector — the drivers who steered BluSmart's fleet of electric cabs to success in Gurgaon, Delhi and Bengaluru. With their crisp uniforms and courteous demeanour, they helped build a loyal customer base that valued punctuality and reliability. Founded in 2019, this all-EV fleet was soon challenging Uber and Ola. But their world came crashing down this April when BluSmart abruptly stopped operations, leaving nearly 10,000 drivers stranded at the crossroads of uncertainty. So sudden was BluSmart's demise that many drivers were still in the middle of rides when the company stopped taking bookings. For many like Amarjeet Singh, the shutdown was nothing short of devastation. Having recently brought his wife and mother to Delhi and invested in a new motorcycle with a bank loan, the BluSmart driver's dreams of a stable family life were shattered overnight. You Can Also Check: Gurgaon AQI | Weather in Gurgaon | Bank Holidays in Gurgaon | Public Holidays in Gurgaon "It felt like a tight slap on my face, as if someone was mocking me. I was so stressed. I got married earlier this year and thought I would finally be able to live a happy life with my wife. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like No annual fees for life UnionBank Credit Card Apply Now Undo But…," says Singh, who has since found work as a personal driver. Affected by financial turmoil of Gensol, a company it shared founders with and from which it leased EVs, BluSmart recently went into insolvency, dimming hopes that it could bounce back in the near future. BluSmart had positioned itself as a driver-friendly alternative to conventional ride-hailing services. Unlike Ola and Uber, drivers here didn't need to own or rent vehicles. The company provided electric cars, promised weekly payouts, medical insurance up to Rs 1 lakh, and flexible schedules. Most drivers earned between Rs 35,000 and Rs 40,000 a month. The aftermath of the shutdown was brutal for drivers. Mukesh Kumar, who now works as a family driver in Delhi, says, "I made nearly Rs 30,000-35,000 a month, and it was all mine. No EMIs, no CNG costs." He misses the fixed schedules and incentive-based payments of BluSmart. For Kamil Hussain, the transition has been harsh. Now driving a rented car for other ride-hailing services, he has to get used to the cutthroat competition of earning a commission and the trying hours one needs to put in for it. "I pay Rs 1,100 daily as rent for the cab. On my best days, I earn Rs 3,000. But there's rent and fuel. So imagine where my earning has gone. I am not alone. There are so many drivers like me." Deepak Kumar was one of those who had read early signs of trouble at BluSmart. He secured a new job just before the shutdown. "By March, cars had maintenance issues, and roadside assistance had become unreliable. For instance, when we'd go to the BluSmart hub, cars would have punctures or faults, taking hours to fix. Once, my car broke down on the highway. It took four hours to get help from the company," he says. These signs were enough for Kumar to make up his mind. "People were already talking about it. I sensed it was time to move on." In Bengaluru, Mohammad Illyas has been idle since losing his job. "Sometimes, I do odd jobs for private travel, mostly out of station. Otherwise, I don't have a regular job. It's getting difficult to manage expenses in a city like Bengaluru," he says. Drivers recalled being asked to abandon their vehicles in the middle of their shift and make their own way home the day the company stopped taking bookings and a brief communication was sent to them. A six-year relationship was snapped in seconds. "I was in Gurgaon when I got a call saying there would be no more rides from tomorrow. We were told to leave the cab wherever we were and return home. People were in far-off locations. They had to make arrangements to get back on their own," a driver who requested not to be named told TOI. Adding to their woes, many claim their dues remain unpaid, with no company representative available to address their concerns. "The company's registered office in Gurgaon shut down. Phone numbers are no longer in use," says the driver quoted above. Today, BluSmart's website still displays smiling photos of drivers and the tagline, "Drive with BluSmart and be the driver of real change!" But for thousands of drivers like Singh or Illyas, the reality is starkly different. "It distinguished us from the rest. Now, we're back to being like everyone else," says Illyas. Get the latest lifestyle updates on Times of India, along with Friendship Day wishes , messages and quotes !
