According to a report, there has been a rise of 16% CSR funding to ₹17,967 crore in 2023-24, in comparison to ₹15,524 crore spent in 2022-23 due to increased profits.
- HDFC Bank topped the list with a CSR spend of Rs 945.31 crore, followed by Reliance Industries and Tata Consultancy Services (TCS).
About CSR
- CSR integrates social and environmental considerations into business operations.
- Framework of CSR in India
- The CSR framework is established by Section 135 of the Companies Act, 2013.
- India is the first nation to enact the legislation mandating the implementation of CSR activities.
- Criteria for CSR Eligibility (refer to inforgaphic)
- Fund Allocation: The companies are obligated to allocate at least 2% of their average net profit from the previous three years to CSR activities such as Protection of national heritage, etc.
- Penalty for Non-Compliance: If the company fails to spend the amount and does not transfer it to a specified fund, penalties are imposed.
- It is mandatory for a company intending to undertake a CSR activity to register themselves with the Registrar of Companies.
- The CSR framework is established by Section 135 of the Companies Act, 2013.
