CSR funds used fully by over 60% of firms: Nasscom Foundation

Our Bureau New Delhi | Updated on January 09, 2018 Published on November 29, 2017

SHRIKANT SINHA, CEO, Nasscom Foundation

More than 60 per cent of the companies surveyed by Nasscom Foundation said they had spent 100 per cent or more of theirCSR (corporate social responsibility) funds in 2016-17, according to a report, Catalyzing Change, brought out by the foundation in partnership with Goodera. This includes 63.3 per cent MNCs and 68 per cent non-MNCs.

Smaller-sized IT/business process management companies (turnover below ₹100 crore) were reported to be proactively pushing CSR initiatives, with 72.7 per cent reporting 100 per cent utilisation, followed by 57.57 per cent large companies and 53.3 per cent medium-sized ones, said the report, which was released at the CSR Leadership Conference held by Nasscom Foundation.

Only 5 per cent of the companies surveyed reported a spend of less than 50 per cent of their CSR budget, the report said.

Among MNCs, education topped the preferred area of CSR funding, with 76 per cent of the firms reporting a higher spend, followed by 18 per cent on gender equality and 12 per cent on hunger and poverty.

Overall, 43.3 per cent of the participating companies confirmed working with the Central/State governments in their socio-economic projects for 2016-17.

“The IT/BPM Industry has been at the forefront of social development initiatives and it is heartening to see the industry emerging as one of the most efficient and innovative adopters of corporate social responsibility,” said Shrikant Sinha, CEO, Nasscom Foundation.

He added that the trend showed “wide acceptance” of the 2 per cent CSR spend rule prescribed by the government.

Published on November 29, 2017
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