CSR activities log 64% dip in 2020-21; private sector improves
Hindustan TimesSocial spending by companies mandated by law plunged by a sharp 64.24% in the pandemic year of 2020-21, official data showed, as contributions towards corporate social responsibility slumped to ₹8,828 crore compared to ₹24,689 crore spent in the preceding financial year. “It may possible that the numbers could be revised later as some companies may file details of their CSR activities late due to disruptions caused by the Covid-19 pandemic,” a government official said, requesting anonymity. “In the previous financial year, during the initial lockdown period of 6-7 months, most CSR funds were re-routed to the PM Covid relief fund, with companies not being able to take up planned on-ground activities,” Sodhi said. “A lot of energy is being invested in setting up a process to vet third parties before funding projects.” Another deterrent that may have impacted the number of companies declining could be the amendments made in January 2021 in the CSR rules under which eligible implementation agencies had to mandatorily register with the government and obtain a CSR registration number before they could accept funds, she said.
History of this topic
Failure To Contribute CSR Fund: Registrar of Companies Imposes Rs. 1.06 Crore Penalty On Ganesh Green Bharat Limited And Its Director
Live Law
Govt eyes ₹2,854 crore CSR funding for education sector
The Hindu
CSR plans should be self-sustaining: MCA
Live Mint
Reliance Industries, HDFC are companies with highest CSR spending
Live Mint
'Companies Expected To Use CSR Funds For COVID Relief' : Bombay High Court Upset Over Poor Response From Vidarbha Companies
Live Law)
Private Investment Missing in Action, Cautions RBI in its Monthly Bulletin
News 18)
Unchanged Corporate Tax, Benefits on CSR: What Corporate India Can Expect from Union Budget 2021
News 18Discover Related
)
