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Mumbai14 hours ago
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Major companies of the country have drastically reduced the expenditure on social work. According to government data, this amount has halved during 2019-20 compared to the year before.
Half the amount spent on social spending
According to the commerce ministry, Indian companies spent Rs 7,823 crore on Corporate Social Responsibility (CSR) in 2019-20, compared to Rs 18,655 crore last year. Reliance Industries spent Rs 908.71 crore and TCS spent Rs 602 crore. Companies spend in CSR on health, hunger, poverty, nutrition and education. A total of Rs 3,582 crore was spent on health, disability and better living under CSR in 2019-20.
Participation of government companies also decreased
According to the data, 248 companies spent less than required. This includes large companies in the technology, automobile and food sectors. On the other hand, cement, pharma and insurance companies have not spent at all. The special thing is that in 2018-19, the share of government companies in total expenditure on CSR was 20%, which decreased to 6% in 2019-20.
Three months delayed due to CSR data corona
Typically, companies file annual returns six months from the end of the financial year. But due to the epidemic, this period was extended by three months to December. Companies file CSR-related data after the next one month. In this context, companies filed CSR details in January, which was October last year.