Companies spent Rs. 507 cr in 84 backward districts in FY21 under CSR: MCA

Data available on the ministry’s CSR portal showed that 8,632 companies spent ₹20,359 crore in FY21 out of 25,000 projects. Maharashtra, Gujarat, Karnataka, Delhi and Tamil Nadu were the top recipients of CSR funds in FY21, with blue-chip public and private sector companies contributing the bulk

NEW DELHI (India CSR): Expenditure on corporate social responsibility (CSR) by companies in the country’s most backward districts increased in FY21, according to data from the Ministry of Corporate Affairs.

The ministry informed parliament that companies spent over ₹507 crore in 84 backward districts identified by NITI Aayog in FY21, compared to nearly ₹332 crore spent in 82 ambitious districts in FY 20.

Data available was as of December 31, 2021. The ministry clarified that data for FY21 is subject to change as the collection of additional late filing fees has been relaxed until March 15, 2022.

The ministry said CSR is a process driven by a company’s board of directors which is empowered to plan, decide, execute and monitor these activities based on the recommendations of its CSR committee. The government does not instruct businesses to spend in any particular geographic area or activity, the ministry said in a written response to a question.

Data available on the ministry’s CSR portal showed that 8,632 companies spent ₹20,359 crore in FY21 out of 25,000 projects. Maharashtra, Gujarat, Karnataka, Delhi and Tamil Nadu were the top recipients of CSR funds in FY21, with blue-chip public and private companies contributing the bulk.

Companies with a net worth of ₹500 crore or more, or a turnover of ₹1,000 crore or more, or a net profit of ₹five crore or more, are required to spend 2% of their average net profit of previous three years to CSR Activities. Breaches are treated as a civil fault.

(CSR India)

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