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PSUs spending in FY18 even lower than FY15, yr when CSR made mandatory
Overall spending by state-run companies on corporate social responsibility (CSR) initiatives in 2017-18 (Apr-Mar) at Rs 2,539 cr was down by 9.8% from the 2014-15 figures at Rs 2,816 cr, a Ministry of Corporate Affairs (MCA) data suggest.
Meanwhile, CSR spending by private companies during FY18 was Rs 10,787 cr which was up 49% from FY15 at 7,249 cr.
For PSUs, FY18 spending was down by 22.7% in comparison to FY17 spending at Rs 3,285 cr while for non-PSUs the FY18 spending was down by 2.1% as against FY17 spending at Rs 11,026 cr.
From 1 Apr 2014, the government made it mandatory under the Companies Act, 2013 for businesses to spend 2% of the amount of the net profit for the last 3 financial years on CSR. Those companies which have net worth of Rs 500 crore or more; or turnover of Rs 1,000 crore or more; or net profit of Rs 5 crore or more during any financial year are mandated to do CSR.
The Act prescribes 17 areas of CSR activity in Schedule VII of the act. Section 135 of the Act lays down rules for CSR activity in India.
The number of PSU spending on CSR initiatives in FY18 was also down from FY15. Two hundred and seventy companies indulged in CSR activities in the year ended 31 Mar, 2018 as against 335 companies in FY 15. For non-PSUs, 11,314 companies undertook CSR activities in FY18 as against 10,083 companies in FY15.
The total spending by PSUs and non-PSUs stood at Rs 13,326 cr in FY18 as against Rs 10,065 cr in FY15.
For PSUs the highest CSR spend in last four financial years till 31 Mar, 2018 was Rs 4,201 cr in FY16 while for non-PSUs, FY17 spending was the highest.
The figures are as per the filings received as on 31 Mar 2019.
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