CSR (corporate social responsibility) spending rose by 16% to ₹17,967 crore last year until March 2024, as compared to ₹15,524 crore CSR spent in 2022-23, according to a report published by Primeinforbase.com. This rise in CSR spending was aided by an 18% surge in average net profit (in the proceeding three years) of these listed companies, 2% of which needs to be spent on CSR activities as per regulatory laws. 

According to the report, HDFC Bank is at the top of the list with a CSR spending of ₹945.31 crore, followed by Reliance Industries with a spending of ₹900 crore. TCS was at the third rank with ₹827 crore pending, followed by ONGC with ₹634.57 crore spent. Other companies that could make it to the top 10 were TATA Steel, ICICI Bank, IOC, Infosys Ltd., ITC, and Power Grid Corporation.

CSR Law in India

The CSR law came into force in April 2014 and mandates companies, subject to the provisions of the act, to invest 2% of their net profit in CSR Projects. Companies with a net worth of more than ₹500 crore or revenue of more than ₹1000 crore or net profit of more than ₹5 crore have to spend 2% of their average net profit of the last three years on socially responsible activities, CSR. These CSR activities can include anything that helps the society grow better, secure and healthier, and can include a variety of activities from plantations to health clinics, from employment generation to rural infrastructure development.