Indian corporate houses spent Rs 21,231 crore through Corporate Social Responsibility (CSR) in the financial year 2019-20, which was 13.3% more than a year earlier.
The information was given by Minister of State for the Ministry of Corporate Affairs Rao Inderjit Singh in a written reply to a question in the Lok Sabha.
According to the government regulation, every company having net worth of Rs 500 crore or more, or turnover of Rs. 1,000 crore or more, or net profit of Rs 5 crore or more during the immediately preceding financial year to undertake CSR activities.
In 2019-20 financial year, 21,349 corporates spent money through CSR, which was less than 24,965 corporates from a year earlier.
The board of the company is empowered to plan, decide, execute and monitor the CSR activities of the company based on the recommendation of its CSR committee.
Earlier this year the government allowed spending of CSR funds by the companies for setting up makeshift hospitals and temporary COVID care facilities and creating health infrastructure for COVID care, establishment of medical oxygen generation and storage plants. manufacturing and supply of oxygen concentrators, ventilators, cylinders and other medical equipment for countering Covid-19.