Companies spent Rs 50,000 crore on CSR in 5 years: Govt

The corporate sector has set aside over Rs 10,000 crore every fiscal year since 2014-15 towards corporate social responsibility, President Ram Nath Kovind said. He said the Companies Act was amended in 2013-14 making it mandatory for companies with a specified level of profit to spend 2% of it on social welfare. He gave away the first CSR awards, instituted by the Corporate Affairs Ministry, at a function on Tuesday, the Economic Times reported. Over the last 5 years, companies have contributed more than Rs 50,000 crore towards CSR, said Anurag Thakur, minister of state for finance. The maximum funds have been given to projects aimed at poverty alleviation and provision of safe drinking water, education and health. The government has recently broadened the scope of mandatory CSR spending and effectively facilitated the concept of CSR to be turned into corporate innovation responsibility (CIR). The move is a nudge to companies to spend up to 2 percent of their profits on supporting research and innovation. 

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