The top 250 listed companies spent Rs 2,073 crore on 1,200 projects in skills sector as part of their corporate social responsibility (CSR) expenditure, according to the India CSR Outlook Report (ICOR) by NGO Box.
This is about one-third of Rs 7,140 crore they are required under the new Companies Act 2013 towards CSR.
Their total CSR expenditure was Rs 6,570 crore, about 92% of the manadated amount for the year, up from 79% in the previous fiscal.
Maharashtra, where most companies are headquartered, gets the largest CSR spend, or over 15% of total spending of 250 corporates, followed by West Bengal (8.7%) and Andhra Pradesh (6.3%).
The new Companies Act 2013, implemented in 2014, made it mandatory for companies with a net worth of Rs 500 crore or more, or with annual turnover of Rs 1,000 crore or more to spend at least 2% of its average net profit on CSR activities.