India Inc's CSR spending crosses Rs. 1 lakh crore milestone
- IBEF
- August 26, 2021
According to a CRISIL study released on Tuesday, India Inc's corporate social responsibility spending has surpassed Rs. 1 lakh crore (US$ 13.46 billion), barely seven years after it was made mandatory.
It is believed that up to 40% of this was spent in the previous two fiscal years when firms loosened their purse strings to combat the Covid-19 pandemic, which began around the end of fiscal 2020.
CSR increased by 3.62% to Rs. 22,000 crore (US$ 2.96 billion) in FY21 as revenues increased, with the majority of the allocations going to pandemic-related causes, according to the company.
While the first wave saw more cash spent, mostly through the PM-CARES Fund, the preference changed to more direct help through in-kind spends in the second wave, according to a study by rating agency Crisil.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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