Education Sector Received the Lion’s Share of Corporate CSR Spend in India
Education sector got the maximum funds of Rs 15,742 crore from the CSR expenditure made by corporates since 2014-15, while such contribution towards armed forces and war widows was just above Rs 81 crore, Parliament was informed on Monday.
Under the Companies Act, certain classes of profitable companies are required to shell out at least 2 per cent of their three-year annual average net profit towards corporate social responsibility (CSR) activities in a particular financial year and the requirement came into force from April 1, 2014.
Overall, companies in India spent over Rs 52,533 crore on CSR activities during the last four years (2014-15 to current fiscal till June, 2019), Minister of State for Finance and Corporate Affairs Anurag Singh Thakur said in a written reply to Lok Sabha.
Photo courtesy of Siyavula Education.