India Inc's CSR spend up 28% in FY 2015-16

A gradual uptick in corporate earnings has led to a 28 per cent surge in corporate social responsibilities (CSR) spending by listed entities in 2015-16. 

According to data compiled by Prime Database,   these companies spent Rs 8, 345 crore in various CSR activities in 2015-16, against Rs 6, 526 crore in 2014-15. Education was most preferred area of spending, attracting Rs 2, 042 crore or nearly fourth of total spending, followed by spending on preventive health of Rs 1, 637 crore. Contribution to PM national relief fund also saw a five fold jump to Rs 869 crore.

Prime Database official stated that the increase in CSR spending was seen across sectors and type of companies. CSR spending by Public Sector Units (PSUs) saw a rise of 41 per cent. Total 47 PSUs spent Rs 2, 396 crore in 2015-16.

In absolute spending, Reliance Industries spent Rs 651.6 crore on CSR, highest by any corporate group, while Govt. owned NTPC and ONGC spent Rs 491.8 and Rs 409 crore respectively and were on second and third position. 

  

CSR is loosing its importance in the lack of sensitiveness among corporate citizen. Most of companies look at CSR as philanthropic vertical instead considering it as strategic business tool. I think in current scenario where  SDGs are being promoted to adopt and deliver in stipulated time frame, CSR might play imperative role in achieving SDGs, eventually CSR is synonyms of sustainable development. 

I also strongly believe that we need not to develop professionals but to responsible professionals. Therefore building the socially conscious professionals/workforce are  imperative for larger benefit of society, responsible business and entire world. 

Ironically, our technical institutions lack this aspect of professional education. Most of these institutions are building workforce are mechanical in nature and lacks social and emotional consciousness.  

What is CSR...business responsibility? way to sustainable development? or philanthropy?