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
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Acer addresses evolving customer needs by consistently pushing
Acer offers a comprehensive range of products under one roof, including des
Delivering Critical Business Communication Solutions to Enterp
Arya Omnitalk and Syntel’s comprehensive suite of solutions and more than
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
DELL TECHNOLOGIES INDIA PVT. LTD.
INFOSYS TECHNOLOGIES PVT. LTD.
STERLITE TECHNOLOGIES LTD.
SAMSUNG INDIA ELECTRONICS LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : MADHABI PURI BUCH
Madhabi Puri Buch is the first-female chairperson of India’s markets...
ICONS OF INDIA : SANTHOSH VISWANATHAN
Santhosh Viswanathan is the the Vice President and Managing Director f...
ICONS OF INDIA : ROSHNI NADAR MALHOTRA
Roshni Nadar Malhotra is the Chairperson of HCLTech, a leading global ...
PARTNER SPEAKERS
PSU
GeM - Government e Marketplace
GeM is to facilitate the procurement of goods and services by various ...
UIDAI - Unique Identification Authority of India
UIDAI and the Aadhaar system represent a significant milestone in Indi...
NIC - National Informatics Centre
NIC serves as the primary IT solutions provider for the government of ...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - Sanjay Mehrotra, CEO- Micron Technology
Sanjay Mehrotra, the President and CEO of Micron Technology, is at the...
Indian Tech Talent Excelling The Tech World - Satya Nadella, Chairman & CEO- Microsoft
Satya Nadella, the Chairman and CEO of Microsoft, recently emphasized ...
Indian Tech Talent Excelling The Tech World - Shantanu Narayen, CEO- Adobe Systems Incorporated
Shantanu Narayen, CEO of Adobe Systems Incorporated, is renowned for h...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
