Private sector spends more than double on CSR than state-run companies
According to data provided by the Minister of State in the Ministry of Corporate Affairs, Arjun Ram Meghwal, private companies spent Rs 5,665 crore while public sector companies spent Rs 2,364 crore in 2014-15.
Private sector companies spent nearly Rs 5,700 crore in 2014-15 on Corporate Social Responsibility (CSR) activities, compared to the nearly Rs 2,400 crore spent by government-owned companies.
According to data provided by the Minister of State in the Ministry of Corporate Affairs, Arjun Ram Meghwal, private companies spent Rs 5,665 crore while public sector companies spent Rs 2,364 crore in 2014-15.
The Government of India made it mandatory for companies that have an annual turnover of Rs 1,000 crore or more, or a net worth of Rs 500 crore or more, or a net profit of Rs 5 crore or more, to set aside 2% of their profits for CSR, under the Companies Act.
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However, it's important to note that out of 169 public sector companies, 116 participated in CSR activities in the year under consideration -- only 53 didn't make any CSR expenditure. Among private companies, 2,298 out of the 4,088 registered did not spend on CSR.
A total of 4,257 companies have participated in CSR expenditure, spending Rs 8029 crore on social welfare activities.
These are the sectors that emerged as the favourite among corporates:
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