India Inc's expenditure on CSR activities still isn't enough
By MYBRANDBOOK
While Dr. Bibek Debroy, Chairman of the Economic Advisory Council to the Prime Minister feels that, removal Of CSR spending could revive the growth of the nation, at the same time India Inc says, a sigh of relief when the high-level committee on CSR (corporate social responsibility) - appointed in September 2018 - recommended doing away with the penal provision of imprisonment for non-compliance with CSR norms.
The recent amendments to the Companies Act 2013 treating CSR non-compliance as a criminal offence, and declaring stiff penalties and a jail term for violations. Hence, the CSR spends will continue to be mandatory, but may only be treated as civil offence in the case of non-compliance.
Companies that have a net worth of at least ₹500 crore or a turnover of ₹1,000 crore or a net profit of ₹5 crore have been required to spend 2 per cent of their net profits on CSR programmes compulsorily since 2014-15.
The report from says, nseinfobase.com (of Prime Database) since 2014-15 suggests that India Inc continues to fall short of the mandated CSR spends. Even after five years of the mandate coming into play, many companies appear reluctant to spend on CSR activities.Thirty-two of the Nifty 50 companies for which data is available have reported a shortfall of ₹279 crore in 2018-19, against the mandated CSR spend of ₹3,782 crore for the year.
The companies in the Nifty basket that have reported shortfalls include big names - TCS, Kotak Mahindra Bank, YES Bank, ICICI Bank and HCL Technologies, according to the report.While TCS was mandated to spend ₹542 crore for 2018-19, it ended up spending ₹434 crore. Last year, too, the company had a shortfall of ₹97 crore (against the mandated amount of ₹400 crore). Similarly, ICICI Bank was required to spend ₹118.96 crore on CSR in 2018-19 but spent ₹92.2 crore.
Among the 1,000-odd NSE listed companies, data is available for 340 companies, which have seen a shortfall in CSR spends of nearly ₹489 crore for 2018-19. The required CSR spend from these companies for the year was ₹5,891.65 crore.
However, few companies have spent more than the mandated amount in 2018-19. These include Tata Steel, Vedanta, Axis Bank, Ultra Tech and Wipro.
BREAKING NEWS
TECHNO TRENDS
Legal Battle Over IT Act Intensifies Amid Musk’s India Plans
The outcome of the legal dispute between X Corp and the Indian government c...
Wipro inks 10-year deal with Phoenix Group's ReAssure UK worth
The agreement, executed through Wipro and its 100% subsidiary,...
Centre announces that DPDP Rules nearing Finalisation by April
The government seeks to refine the rules for robust data protection, ensuri...
Home Ministry cracks down on PoS agents in digital arrest scam
Digital arrest scams are a growing cybercrime where victims are coerced or ...
E-Magazine
TECHNOTAINMENT
Hrithik Roshan to endorse RuPay as Brand Ambassador
RuPay is reportedly planning to feature Bollywood superstar Hrithik Rosha
India Today Group launches – AI Pop Stars
Staying true to our industry leadership position in using cutting-edge tech
MOVERS & SHAKERS
TelioLabs ropes in Phaniraj V A as the Group CEO
TelioLabs has announced the onboarding of Phaniraj V A as its new Group CE
Wipro Appoints Amit Kumar as Managing Partner and Global Head
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology s
OPEN YOUR EYES
INTERVIEWS
Autodesk continually pushing the boundaries in the Design and
Autodesk’s vision is of a better world designed and made for all. It inte
Bolstering its commitment to help build a truly self-reliant B
CP PLUS is dedicated to spreading a sense of security to every corner of In
HOT PICK
MSI Announces the availability of RTX 50 series of laptops in
MSI, the innovative computing manufacturer in gaming, creator
Nothing Phone (3a) goes on sale today, starting at Rs 19,999
The phone was launched on March 4, featuring a 50MP main, ultra-wide, and t
MAKE IN INDIA BRANDS
BHARAT ELECTRONICS LTD.
MICROTEK INTERNATIONAL PVT. LTD.
SECUREYE SERVICES PVT. LTD.
INFOSYS TECHNOLOGIES PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : B.V.R. Subrahmanyam
A 1987 batch (Chhattisgarh cadre) Indian Administrative Service Office...
Icons Of India : Dr. Arvind Gupta
Arvind Gupta is the Head and Co-Founder of the Digital India Foundatio...
ICONS OF INDIA : SANJAY GUPTA
Sanjay Gupta is the Country Head and Vice President of Google India an...
PARTNER SPEAKERS
PSU
NSE - National Stock Exchange
NSE is the leading stock exchange in India....
ITI - ITI Limited
ITI Limited is a leading provider of telecommunications equipment, sol...
ECIL - Electronics Corporation of India Limited
ECIL is distinguished by its diverse technological capabilities and it...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - REVATHI ADVAITHI, CEO- Flex
Revathi Advaithi, the CEO of Flex, is a dynamic leader driving growth ...
Indian Tech Talent Excelling The Tech World - JAY CHAUDHRY, CEO – Zscaler
Jay Chaudhry, an Indian-American technology entrepreneur, is the CEO a...
Indian Tech Talent Excelling The Tech World - Dheeraj Pandey, CEO, DevRev
Dheeraj Pandey, Co-founder and CEO at DevRev , has a remarkable journe...
ITFORUM 2025
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
of images belongs to the respective copyright holders
