Indian Companies Increase CSR Spending by 16% in FY 2023-24
| Key Aspect | Details |
|---|---|
| CSR Spending Growth | ₹17,967 crore in FY 2023-24 (↑16% from ₹15,524 crore in 2022-23) |
| CSR Law Enactment | April 2014; mandates 2% of average net profits for eligible companies |
| Eligibility Criteria | Net worth ≥ ₹500 crore, or turnover ≥ ₹1,000 crore, or net profit ≥ ₹5 crore |
| Top CSR Spenders | HDFC Bank (₹945.31 crore), Reliance Industries (₹900 crore), TCS (₹827 crore), ONGC (₹634.57 crore) |
| Total Companies Considered | 1,394 |
| Companies That Spent | 1,367 (98%) |
| Companies That Did Not Spend | 27 |
| Required CSR Amount | ₹18,309 crore |
| Unspent CSR Account | ₹2,329 crore transferred |
| Average Net Profit | ₹9.62 lakh crore |
| Sector-wise Allocation | Education: ₹1,104 crore (highest), Healthcare: ₹720 crore, Environmental Sustainability: ↑54%, Slum Development: ↓72%, Rural Development: ↓59%, Armed Forces Veterans: ↓52% |
| PSU Contribution | Total Spend: ₹3,717 crore; Total PSUs That Spent: 66 |
| Noteworthy Development | Calls to revise CSR thresholds due to doubling of corporate profits since 2014 |