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March 24, 2018

Education, skill training on top under Corporate Social Responsibility (CSR) projects

Ahmedabad : Education, skill development and poverty alleviation are the focus areas for money spent under corporate social responsibility (CSR) by various companies. Out of the total 696 CSR projects implemented in Gujarat during 2015-16, 253 were for education and skills sector followed by healthcare and poverty alleviation with 212 projects, states Gujarat CSR Outlook Report 2017.

In monetary terms, however, poverty alleviation and healthcare received the highest Rs 145.53 crore, while education and skills got Rs 138.62 crore. According to the report prepared by development communication platform NGOBOX, 160 companies listed on stock exchanges–the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE)–spent Rs 375.66 crore in Gujarat for the CSR activities during 2015-16.

Other areas for CSR activities include women empowerment, environment sustainability and rural development. Sectors such as urban slum development and technology incubators in academic institutions have not attracted the attention of the CSR project managers.

Under the Companies Act-2013, all companies having net worth of Rs 500 crore or more, or a turnover of Rs 1,000 crore or more, or a net profit of Rs 5 crore or more, during any financial year are mandated to spend at least 2% of the average net profits of the company in the three immediately preceding financial years. “The major share of the CSR spent in the state came from oil, drilling and refinery (20.10% of total spending), engineering (12.09%), infrastructure (11.51%) and pharmaceuticals (11%) sectors,” NGOBOX CEO Bhomik Shah said while releasing the report in Ahmedabad on Thursday. Gujarat received 5.2% of the total CSR spend of India, the report claimed.

Note: News shared for public awareness with reference from the information provided at online news portals.

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