Education sector receives maximum CSR spend during 2014-18

Education sector receives maximum CSR spend during 2014-18
The education sector received the maximum CSR funds to the tune of Rs 15,742.33 crore during financial year 2014-15 to 2017-18, the government informed Parliament on Tuesday.

In a written reply to the Rajya Sabha on December 10, Union Minister of State for Finance and Corporate Affairs Anurag Singh Thakur said the CSR spending on education has increased on a year-on-year basis since 2014-15 fiscal.

The CSR spend stood at Rs 2,589.42 crore during 2014-15 fiscal, which rose to Rs 4,057.45 crore in 2015-16, Rs 4,500.82 in 2016-17, Rs 4,594.64 in 2017-18 and Rs 15,742.33 in 2018-19 financial lyear, he said.

The Union Minister further said that that CSR is a Board driven process and the Board of the company is empowered to decide the activities to be undertaken as per Schedule VII of the Companies Act, 2013 taking into consideration the recommendation of its CSR committee.

The entire CSR architecture is a disclosure-based and CSR mandated companies are required to file details of CSR amount spent annually in Ministry of Corporate Affairs registry.

The Minister also mentioned that the details of project undertaken by the company is not maintained separately by the government.
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"CSR is a hard-edged business decision. Not because it is a nice thing to do or because people are forcing us to do it because it is good for our business."
Niall FitzGerald
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