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Wed, 18th May 2016 (Source:Business Standard)
Mahanadi Coalfields Ltd (MCL) and Tata Steel led the pack of 287 corporates in CSR (corporate social responsibility) spending in 2014-15. Total spending recorded by the companies on CSR stood at Rs 344.12 crore during FY15.
CSR spend by top 10 companies is calculated at Rs 239.56 crore and their contribution is approximately 70 per cent of the total CSR deployment for 2014-15. The top 10 companies included Coal India arm MCL (Rs 61.30 crore), Tata Steel Ltd (Rs 59.61 crore), aluminium major Vedanta Ltd (Rs 24.05 crore) and National Aluminum Company-Nalco (Rs 19.10 crore). Bhushan Power and Steel Ltd,Rourkela Steel Plant and Jindal Steel and Power Ltd (JSPL) have spent Rs 16.16 crore, Rs 15.52 crore and Rs 13 crore respectively towards CSR.
"The CSR spend in Odisha of the top 10 corporates in 2014-15 was about 58 per cent of their prescribed CSR budget for India. The prescribed CSR resources was Rs 464.56 crore out of Rs 239.56 crore was spend in Odisha," read a white paper prepared by Forum for Integrated Development And Research (FIDR) in collaboration with state owned Industrial Promotion & Investment Corporation of Odisha Ltd (Ipicol).
The major proportion of CSR funds allocation in Odisha is done by companies operating in three categories -- steel, iron and ferro alloys,aluminium and mining with a contribution of 80 per cent to the total CSR spend in the state. Sectors such chemical/paint, textiles, tyre and rubber, food, sugar and dairy have negligible share in CSR involvement.
About 60 per cent of the investment under CSR is done by the corporates directly, six per cent of the investment is channeled through government organizations and about 12 per cent through non-governmental organizations and non-profit organizations (five per cent by NGOs and another seven per cent by society trusts or foundations).
Infrastructure development with an investment of Rs 96.15 crore (28 per cent of total CSR spend) received the highest allocation under CSR while 'Vocational Training' with a spending of Rs 11.55 crore (three per cent) recorded the lowest allocation among the seven categories of CSR themes.
Education sector with Rs 71.39 crore (21 per cent of the CSR spend) stood second to infrastructure development. The companies spent Rs 51.23 crore in health sector programmes, Rs 40.57 crore in environmental protection programs and Rs 44.16 crore in other activities such as awareness campaign, water and sanitation, financial assistance, promotion of sports and culture and supply of drinking water.
Presently, 24 out 30 districts in Odisha are covered under CSR activities. The balance six districts- Malkangiri, Kandhamal, Nuapada, Boudh, Gajapati and Deogarh do not have any CSR programmes under implementation. Angul district has the highest deployment under CSR, accounting for Rs 105.86 crore.
Ten districts in the state, receive about 90 per cent of the total CSR resources in the state, added the report.