Record CSR Investments: Indian Corporates Spend ₹34,909 Crore in FY24, Led by HDFC Bank, RIL, and TCS

India’s corporate social responsibility (CSR) spending has seen a noteworthy rise, hitting ₹34,909 crore in the fiscal year 2023-24—a 13% increase from the previous year. This growth reflects a wider trend where more companies are recognizing the importance of CSR, with over 800 new firms entering the scene.

Since 2014, companies have poured more than ₹2.21 lakh crore (about $26.63 billion) into various CSR initiatives. In total, there were 59,634 CSR projects across the country this year, costing an average of ₹58.5 lakh each. Interestingly, if you look beyond the top 10 companies, the average investment per firm drops to ₹1.07 crore.

When it comes to contributions, the top ten companies make up 17% of total CSR spending, with HDFC Bank leading at ₹922 crore, followed closely by Reliance Industries (₹899 crore) and Tata Consultancy Services (₹813 crore). A significant 87% of CSR spending comes from non-public sector units (PSUs), showing how vital private companies are in driving these initiatives.

In terms of social impact, a staggering 97% of CSR funds were directed toward social projects, leaving only 3% for government funds. This focus highlights a growing commitment to community development and sustainability, aligning well with the United Nations Sustainable Development Goals (SDGs).

Regionally, CSR investment is unevenly distributed. The top five states—Maharashtra, Gujarat, Karnataka, Tamil Nadu, and Delhi—received 43% of the total expenditure. Maharashtra alone attracted ₹6,066 crore, reinforcing its status as a major economic hub.

Looking at the data, many experts believe that CSR is more than just a regulatory requirement; it’s becoming essential for company reputation and customer loyalty. Recent surveys show that nearly 70% of consumers prefer brands that contribute to social causes. This trend is reshaping how businesses strategize their operations, pushing CSR to the forefront of corporate agendas.

In summary, CSR in India is witnessing a transformative phase, driven by increased spending and a shift in focus towards impactful projects. As companies align their efforts with global sustainability goals, the future of Indian CSR looks not just promising but pivotal for social change in the country.



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CSR Spending ,SDGs ,CSR Data ,Viksit Bharat