CSR: Private companies spent Rs 3,720 Crores in 7 years
Visakhapatnam: Private companies spent – Several private businesses have invested over 3,720 crore rupees in Andhra Pradesh over the past seven years as part of their corporate social responsibility efforts.
In these seven years, the allocations to Andhra Pradesh have nearly doubled, rising from 332.6 crore in the 2014–15 fiscal year to 626.8 crore in the 2020–21 fiscal year.
Maharashtra, Karnataka, Gujarat, Andhra Pradesh, and Tamil Nadu have received almost 30% of the overall CSR funding spent by these organizations in India during this time. Between 2014–15 and 2020–21, India’s total spending increased by a factor of three, from 7,249 crore to 20,416 crore.
Even the fully developed Covid-19 epidemic does not appear to have had a significant impact on the CSR plans of the private businesses in 2020–21, as the year saw a little increase in spending compared to the previous year. In fact, the Union government included the Covid-19 immunization to the list of CSR activities that are qualified in 2021.
Private companies spent
Section 135(1) of the Companies Act of 2013 mandates that companies with a net worth of at least 500 crore, a turnover of at least 1,000 crore, or a net profit of at least 5 crore during the immediately preceding financial year must adhere to the CSR standards.
Beginning on April 1, 2014, CSR’s mandatory clause went into effect.
Dr. V. Hari Babu, a professor at the Andhra University political sciences department, claimed that since CSR is required for some businesses based on a set of criteria, it directly benefits society.
“Under CSR, businesses invest a sizable sum in slums and rural areas. Education, health, skill improvement, and employment prospects all receive special attention. According to Dr. Hari Babu, corporate social responsibility (CSR) is simply commercial obligation to the public, society, and environment.