New Delhi, July 29
India Inc’s annual corporate social responsibility (CSR) spending increased by 29 per cent between FY2022 and FY2024, according to a report on Tuesday.
The report by ICRA ESG Ratings showed that till March 2024, the sample set of companies collectively spent Rs 12,897 crore, with an average of Rs 129 crore on CSR initiatives.
Between FY2022 and FY2024, average net profits rose by 37 per cent while CSR spending increased by 29 per cent.
Notably, 16 out of 100 companies increased their CSR spending despite the decline in profits during the same period, reflecting a commitment to social responsibility beyond compliance.
Despite a decline in profits, 48 per cent of companies surpassed the mandated CSR budgets, underscoring their commitment beyond compliance.
“The growing alignment with UN SDGs and proactive CSR spending -- even beyond mandated budgets -- reflects a maturing approach to inclusive development. These efforts are not only enhancing stakeholder value but also contributing meaningfully to India’s broader climate and social goals,” said Sheetal Sharad, Chief Ratings Officer, ICRA ESG Ratings.
Further, the report showed deepening alignment with the United Nations Sustainable Development Goals (UN SDGs), as companies increasingly move beyond regulatory compliance to proactively invest in initiatives -- particularly in quality education and good health and well-being -- that deliver long-term societal impact.