Pandemic spurs Indian firms to boost CSR spending, compliance
NEW DELHI : The number of companies defaulting on their corporate social responsibility (CSR) spending commitments plummeted in FY21, even as an increasing number of companies went beyond their legal obligations to contribute to their communities, corporate affairs ministry data showed.
The encouraging trend of companies complying with their CSR obligations and many going beyond comes after legislative changes kicked in on 22 January 2021.
The changes in the legal framework, a carrot-and-stick approach, introduced penalties for companies and their officers that fail to meet their CSR obligations, as well as offered flexibility for businesses that choose to exceed spending the mandated 2% of net profits on CSR activities.
Data showed that the number of companies meeting the 2% net profit spending requirement for CSR almost doubled to 1,477 in FY21 from the FY19 level.
United States
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Cases: 46 252 513
Deaths: 750 423
Recovered: 0
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India
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Cases: 34 321 025
Deaths: 459 652
Recovered: 0
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Brazil
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Cases: 21 835 785
Deaths: 608 235
Recovered: 0
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United Kingdom
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Cases: 9 215 683
Deaths: 141 607
Recovered: 0
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Russia
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Cases: 8 494 589
Deaths: 237 619
Recovered: 0
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