Tatsat Chronicle Magazine

/

India Inc.’s CSR spending has surpassed the Rs. 1 lakh crore mark

India inc

India Inc’s CSR spending has topped Rs. 1 lakh crore (US$ 13.46 billion), according to a CRISIL research issued on Tuesday, barely seven years after it was declared required

According to a CRISIL NSE -0.38 percent report released Tuesday, India Inc’s CSR spending has surpassed Rs 1 lakh crore, just seven years after it was become mandatory. It is anticipated that up to 40% of this was spent in the previous two fiscal years when corporations loosened their purse strings to combat the Covid-19 pandemic, which began near the end of fiscal 2020.

According to a CRISIL analysis released Tuesday, up to 40% of this cost was incurred in the previous two fiscal years as corporations loosened their purse strings to combat the Covid-19 outbreak, which began near the end of fiscal 2020. CSR increased by 3.62 percent to Rs 22,000 crore in FY21 as earnings increased, with the majority of the allocations going to pandemic-related causes, according to the company.

Up to 40% of this is thought to have been spent in the previous two fiscal years when companies loosened their purse strings to combat the Covid-19 pandemic, which started towards the end of fiscal 2020. According to the corporation, CSR climbed by 3.62 percent to Rs. 22,000 crore (US$ 2.96 billion) in FY21, with the majority of the allocations going to pandemic-related causes. According to a survey by rating agency Crisil, while the first wave saw more cash spent, largely through the PM-CARES Fund, the second wave saw more direct support through in-kind spends.

According to RBI data, domestic companies’ foreign direct investment more than doubled to USD 2.80 billion in June of this year. In the previous month, India Inc invested USD 1.39 billion in overseas ventures. According to RBI data on outward investments by Indian enterprises, the investment fell by nearly 58 percent month over month from USD 6.71 billion in May 2021. In June 2021, USD 1.17 billion was invested in the form of a guarantee, USD 1.21 billion was invested in the form of a loan, and USD 426.84 million was invested in the form of stock.

 

0 0.00