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Time of India
5 days ago
- Business
- Time of India
Gujarat Inc goes green: CSR spend on environment rises 90% in FY2024
Ahmedabad: Gujarat Inc appears to be embracing the green agenda with renewed vigour. In Gujarat, CSR spending on environmental sustainability saw a 90% rise in 2023-24 — the sharpest increase among all social sectors. Companies operating in the state collectively spent Rs 419.60 crore on environment-related initiatives, nearly double the Rs 221.08 crore spent in the previous year. In fact, the jump is higher than the pan-India growth of 21% during the same period in the environment and sustainability sector, from Rs 2,008 crore to Rs 2,430 crore. Industry experts told TOI that the rise in funding clearly indicates a jump in focus towards sustainability for companies as it also helps them earn carbon credits and improve their ESG compliances overall. This jump in funding for the environment has come at a time when climate change, pollution, and resource depletion are front and centre in both public discourse and corporate boardrooms. Putting this in perspective, Pankaj Kamliya, chief operations officer, Gujarat CSR Authority (GCSRA), said, "Sustainability has become a key focus across Gujarat's industrial ecosystem. Initiatives such as the Green Belt Development project in Sanand, being actively pursued by industries in coordination with the Gujarat Industrial Development Corporation (GIDC), are examples of how industries are collaborating to create long-term ecological assets. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo SEZ zones are also increasingly promoting green infrastructure and sustainable practices." You Can Also Check: Ahmedabad AQI | Weather in Ahmedabad | Bank Holidays in Ahmedabad | Public Holidays in Ahmedabad "Many companies are proactively investing in CSR initiatives like Miyawaki forests and eco-restoration, which not only benefit local communities but also enhance their environmental, social, and governance (ESG) scores and global rankings," he further added. The push also appears to be stronger in industrial belts such as Jamnagar, Bharuch, and Vadodara, where many companies are investing in eco-restoration, emission control, and water reuse projects. While education continues to draw the largest slice of Gujarat's CSR pie, environmental projects have climbed the priority ladder for many companies, particularly in heavy industry, petrochemicals, and infrastructure, among several others. Large firms with significant carbon footprints are not only responding to stricter ESG scrutiny from investors but also attempting to mitigate the social and ecological impact of their operations. "Environmental spending is no longer a token allocation. It has become strategic. We are seeing more interest in tree plantation drives, biodiversity restoration, and solarisation of community assets," said an industry source. Gujarat's overall CSR spending in 2023-24 stood at Rs 2,707.54 crore, with the environment now accounting for over 15% of the total outlay, up from 10% a year ago.
Time of India
25-06-2025
- Business
- Time of India
Gujarat emerges as second highest CSR spender in country
1 2 Ahmedabad/Vadodara: Gujarat recorded a sharp rise in corporate social responsibility (CSR) spending in FY 2024, emerging as the second highest contributor in the country after Maharashtra. According to data by the Union ministry of corporate affairs, companies operating in the state spent Rs 2,707.54 crore on CSR activities during the fiscal, registering a robust 31.4% growth over the previous year's Rs 2,060.02 crore. The number of contributing companies also rose to 3,789, indicating growing corporate participation in social development. You Can Also Check: Ahmedabad AQI | Weather in Ahmedabad | Bank Holidays in Ahmedabad | Public Holidays in Ahmedabad The rise in CSR places Gujarat ahead of traditionally strong industrial hubs like Karnataka, Tamil Nadu, and Delhi, all of which saw more modest increases. While Maharashtra retained its lead with Rs 6,065.95 crore in CSR spend, Gujarat not only narrowed the gap but also posted the highest year-on-year percentage growth among the top five states. Pankaj Kamliya, chief operations officer, Gujarat CSR Authority (GCSRA), said, "The spending by ArcelorMittal Nippon Steel India Limited has substantially grown in the past year, which is reflected in the overall spending. Moreover, the spending in Vadodara district has dramatically improved. Overall, Gujarat-based companies made good profits, which directly led to an increase in CSR spending. The state govt's proactive approach is also helping materialise CSR projects widely, with better local support, a conducive environment to execute projects, and thorough analysis of the requirement of each district and plans of action developed by the govt. " According to experts, Gujarat has seen a substantial number of large industries setting and expanding their footprint in the last decade. Many of them were profitable in recent years, with increasing volumes year after year. The strong presence of large companies in the manufacturing sector has driven the trend of increased spending. "While Karnataka has long been India's IT powerhouse, Gujarat has led in manufacturing. Today, the China Plus One strategy has positioned Gujarat as a key global supplier, driving strong corporate profits. At the same time, a slowdown in the IT sector has squeezed margins for tech firms, impacting Karnataka's economic edge," said Parthesh Vyas, co-CEO of Vadodara-based Fulcrum, a leading consulting, advising, and research firm in the social and CSR sector, which released the 'Bharat CSR Performance Report FY 2023-24' on Monday. "Moreover, while investments in IT may be tapering, Gujarat continues to attract some of the highest foreign investments—thanks to its world-class infrastructure, including excellent roads, ports, and connectivity. This combination has propelled Gujarat to the number two position in corporate profitability, ahead of Karnataka," said Vyas. Notably, CSR spending in Gujarat nearly tripled from Rs 984.37 crore in FY 2020 to Rs 2,707.54 crore in FY 2024. Companies with registered offices or significant operations in Gujarat have increasingly aligned their CSR goals with local developmental priorities, particularly in education, environment, and gender equity. Education emerged as the largest sectoral beneficiary in FY 2024, drawing Rs 1,424.47 crore in funding, up 39.3% from the previous year. Healthcare, even though drawing the second highest CSR spending, witnessed a marginal decline of 5.2% in FY 2024. "One reason could be the govt's increased focus on public health post-Covid. Flagship schemes like Ayushman Bharat – Pradhan Mantri Jan Arogya Yojana (AB PM-JAY) have enabled millions to access top-tier treatment across the country, possibly reducing the immediate need for corporate intervention in the healthcare sector through CSR," said Arun Mathai Marette, co-CEO of Fulcrum. In terms of districts, Ahmedabad stood out with the highest CSR inflow at Rs 760.99 crore, accounting for over a quarter of the state's total. Vadodara, Gandhinagar, Jamnagar, and Surat also figured prominently, reflecting the concentration of corporate hubs and industrial zones in these regions.
