CSR Spending Witnessed 16% Rise in FY 23-2024
In a noteworthy development in corporate governance and social responsibility, CSR (Corporate Social Responsibility) spending by listed Indian companies has surged by 16% in FY 2023-24. This increase follows a period of stagnant expenditure and aligns with a rise in the average net profits of these firms. The CSR law, in effect since 2014, requires eligible companies to invest in social initiatives like education, healthcare, and environmental sustainability. However, calls have now emerged to revisit the thresholds for mandatory CSR compliance in light of the doubling of corporate profits since the law’s inception.
CSR spending by listed Indian companies rose 16% to ₹17,967 crore in FY 2023-24, driven by improved profits. HDFC Bank topped the list with the highest CSR spend, followed by Reliance Industries, TCS, and ONGC.
Total CSR spend: ₹17,967 crore (↑16% from ₹15,524 crore in 2022–23)
| Summary/Static | Details |
| Why in the news? | CSR Spending Witnessed 16% Rise in FY 23-2024 |
| Total CSR Spend (FY24) | ₹17,967 crore (↑16%) |
| Highest Spender | HDFC Bank – ₹945.31 crore |
| CSR Law Effective Since | April 2014 |
| Mandatory CSR Spend | 2% of avg. net profit (last 3 years) |
| Total Companies Considered | 1,394 |
| Unspent Transferred to Account | ₹2,329 crore |
| Most Funded Sector | Education – ₹1,104 crore |
| Fastest Growing CSR Sector | Environmental Sustainability |
In a recent inspiring sports news story, 18-year-old Payal Nag from Odisha has made history…
The Monetary Policy Committee (MPC) of the Reserve Bank of India, in its 60th meeting…
The "Seven Sisters of Petroleum" were seven very powerful oil companies that controlled most of…
Flowers often represent the identity and culture of a place. They are chosen not only…
Deserts are places where very little rain falls and the weather is often extreme. Asia…
India's digital payments ecosystem continues to expand rapidly with UPI QR codes are growing by…