CSR aims to contribute to societal goals of a philanthropic, activist or charitable nature by engaging in or supporting volunteering practices in a diverse array of sectors such as education, health, women empowerment, etc. Acknowledging that most CSR activities are conducted at the grass root level, that are often unorganised and difficult to manoeuvre, we have created this portal to assist in the identification of CSR projects for companies looking to diversify their CSR investment portfolios.
As per the notification dated 23rd March 2021, the Ministry of Corporate Affairs made CSR funding for COVID-19 an eligible CSR activity. Further on, as per the circulars released on 22nd April 2021 and later on 5th May 2021, MCA elaborated on the areas for CSR funding for COVID-19. The CSR reserves may be utilized for creating health infrastructure for COVID care, Manufacturing and supply of Oxygen concentrators, ventilators, cylinders and other medical equipment for countering COVID-19, and establishment of medical oxygen generation and storage plants, among others.
India is the first country in the world to make corporate social responsibility (CSR) mandatory, following an amendment to the Companies Act, 2013 in April 2014. Businesses can invest their profits in areas such as education, poverty, gender equality and healthcare as part of their CSR compliance.
The amendment notified in the Companies Act, 2013 requires companies with a net worth of INR 500 crore (US $70 million) or more, or an annual turnover of INR 1000 crore (US $140 million) or more, or net profit of INR 5 crore (US $699,125) or more, to spend 2 percent of their average net profits of three years on CSR.
The Government has decided to expand the scope of Corporate Social Responsibility (CSR). Now the fund can be spent on technology incubators funded by Central or State Government or any agency or Public Sector Undertaking of Central or State Government, and, making contributions to public-funded Universities, IITs, National Laboratories and Autonomous Bodies (established under the auspices of ICAR, ICMR, CSIR, DAE, DRDO, DST, MeitY) engaged in conducting research in science, technology, engineering and medicine aimed at promoting Sustainable Development Goals (SDGs).
Since the applicability of mandatory CSR provision in 2014, CSR spending by corporate India has increased significantly. In 2018, companies spent 47 percent higher as compared to the amount in 2014-15, contributing INR 7,536 crores (US $1 billion) to CSR initiatives, according to a survey.
Listed companies in India spent INR 10,000 crore (US$1.4 billion) in various programs ranging from educational programs, skill development, social welfare, healthcare, and environment conservation, while theÂ Prime Minister's Relief FundÂ saw an increase of 139 percent in CSR contribution over last one year.