There has been substantial increase in actual Corporate Social Responsibility (CSR) spending comparatively to previous year even as education, skill development and health-care areas have received the highest CSR funds, as per a recent report.
The report ‘India CSR Outlook Report (ICOR)’ will be launched in the inaugural session of India CSR Summit and CSR partnerships Exhibition 2016 on 27-28 September here.
The Exhibition would be co-hosted by National Green Highway Mission, NHAI.
Hosted by NGOBOX that brought out the report, the two-day long session would be attended by 160 companies’ CSR heads and about 400 on-profits and social enterprise.
The thematic areas of education, health-care, skill development and sanitation received the highest CSR funds, it said.
“There are 10 companies that spent over Rs 50 crore each on health-care and WASH projects while 9 companies spent more than Rs 50 crore each on education and skills development projects,” a statement issued by the NGOBOX said.
“The data from 2015-16 suggests an increase in adherence to the documentation guidelines and a substantial increase from 79 per cent in 2014-15 to 92 per cent of actual CSR spend to the prescribed CSR,” it added.
The NGOBOX claimed that the report is a comprehensive analysis of CSR spending of Bombay Stock Exchange (BSE) listed 250 companies.
The ICOR, is an annual research publication of NGOBox, which highlights the various curves and developments in the CSR spending by big 250 companies listed on BSE or NSE.
Maharashtra Minister Dadaji Bhuse will be as the Chief Guest at the inaugural session.
Under the Companies Act, 2013, any company having a net worth of Rs 500 crore or more or a turnover of Rs 1,000 crore or more or a net profit of rupees 5 crore or more has to spend at least 2 per cent of last 3 years average net profits on CSR activities that relates with the company’s responsibility with the society at large.