CSR SPENDS ON SPORTS
India Inc's CSR spends on sports likely to surge in next few years
The foundations of several companies, such as the Reliance, Tata Steel, JSW, Hindustan Zinc and SKF India, have been supporting sports as part of their corporate social responsibility (CSR) commitments. However, the data on whether there has been an increase in the CSR spend on sports and by which companies is not available. This is due to an MCA notification in September 2022 that no longer requires companies to disclose details of their CSR spends but only the total spends towards CSR.
Private philanthropy to expand at 10–15% annually in next five years: Neera Nundy, Partner, Dasra
Private philanthropy is expected to see a significant expansion with family philanthropy seeing a shift towards building a strong ecosystem.
View: Small amounts can further great causes
India has come a long way since then. Many Indian businesses are now huge, and with great power (i.e. money) has come great(er) responsibility. They are foraying into the social sector, with corporate social responsibility imperatives creating thousands of schools for the underprivileged, universities, hospitals, sports academies, cultural institutions, etc. The NGO sector is no longer the preserve of the much-memed 'jholawalas'.
Pune-based Army Sports Institute training female athletes: Lt Gen A K Singh
The Army Sports Institute in Pune is set to provide rigorous training to young female athletes to help them compete at national and international levels. The initiative, led by Lt General Ajai Kumar Singh, General Officer-Commanding-in-Chief of Southern Command, aims to nurture girl talent in archery, athletics, boxing, and weightlifting. The Army Girls Sports Company will be one of two centers of excellence identified for this initiative.
107 medals at the Asian Games: India Inc cheers the best RoI ever
Indian corporate giants such as Reliance Industries, Tata group, JSW Group, and Adani Group have played a significant role in supporting and sponsoring athletes who won medals at the Asian Games. Reliance Foundation supported athletes who won 12 medals, while JSW Sports backed athletes who brought home 17 medals, including four golds. Adani Sportsline supported wrestler Deepak Punia, who won a silver medal.
How CSR funding in sports can accelerate change
Between 2014-15 and 2020-21, the annual growth rate of funding for sports CSR activities has matched that of overall CSR at 27%. While promising, it is dwarfed by the 62% year-on-year growth of the Indian sports industry that surpassed ₹9,500 crore in 2021. Despite this growth, sports CSR comprised less than 1% of cumulative CSR spend in that same period, with health and education activities capturing the majority (51%) of total funding.
- Go To Page 1
Mukesh Ambani's Reliance Industries spends Rs 1,185 cr on CSR in FY22
"Through FY 2021-22, RIL put social responsibility initiatives, health and well-being of communities at the top of its agenda," CSR report said. This went beyond supporting employees as well as their extended families and was aimed at caring for the most-at-need across India in the face of an emergency. "During FY 2021-22, Reliance contributed Rs 1,184.93 crore towards supporting a number of CSR initiatives," it said.
Companies spent Rs 1.09 lakh cr towards CSR activities in 7 years: Corporate Affairs Ministry
Under the Companies Act, 2013, certain class of profitable entities are required to spend at least 2 per cent of their three-year annual average net profit towards Corporate Social Responsibility (CSR) activities during a fiscal.
RIL spends Rs 1,140 cr on CSR initiatives in FY21
According to the company's latest annual report, Reliance had spent Rs 1,022 crore in 2019-20 on CSR initiatives.
India Inc’s FY21 CSR spends to be dominated by COVID-19
Spends by the BSE 100 companies continue to be project-driven; not necessarily linked to company profitability. This year’s spend pattern further reinforces the same pattern. Companies continue to undertake impact assessment studies and align spends on defined social objectives, according to the report released by IiAS, a proxy advisory firm.
ET Panache Dialogues: Leading sports figures talk biz; stress need for facilities, scale and sponsorship
Knowledge of sports and money is required to create a strong sports system.
Report on CSR violation being fast-tracked
The panel - headed by corporate affairs secretary Injeti Srinivas has suggested that the government classify offences under CSR provisions as civil breaches, attracting monetary fines.
Government won’t go ahead with new CSR rules
Decision follows suggestions by a panel which wants breaches to be treated as civil offences, backs penalties
CSR spend tops Rs 50K-cr during FY15-18: Report
The Companies Act, 2013 makes it mandatory for businesses with Rs 500 crore in annual revenues to set aside 2 percent of their profit for social good or affirmative action.
CSR expenditure increases 11% to Rs 10,030 crore in FY18
The top spenders in terms of absolute CSR expenditure were Reliance Industries, ONGC, Tata Consultancy Services, HDFC Bank, Indian Oil Corp, Infosys, ITC, NTPC, Tata Steel and Wipro.
CSR spending on environment, women empowerment declined in 2015-16
Under CSR act, companies need to spend at least 2% of its average net profit for the immediately preceding three financial years on corporate social activities.
India Inc spent more on CSR in 2016, says KPMG study
Actual spends on CSR activities by Nifty 100 cos that the survey included were more than Rs 6,500 cr for FY 2016 versus a little over Rs 5,000 crore a year ago.
2017 will usher in new era for sports, entertainment: Report
Overhaul of measurement metrics tops GroupM unit’s list of 10 trends that will shape the industry in India.
How top companies are blending CSR with responsible growth
A study reveals that only a third of the firms are taking a long-term view of responsible business and total CSR spend is less than the government mandate.
CSR: 2,351 companies spend nil, 776 firms engage NGOs
The new Companies Act mandates every company with a networth of Rs 100 crore to set aside minimum 2 per cent of their 3-year average annual net profit for CSR activities.
Reliance Industries tops CSR spending chart: Government
Reliance Industries shelled out Rs 760.58 crore on CSR followed by ONGC (Rs 495.23 crore), Infosys (Rs 239.54 crore) and TCS (Rs 219 crore).
Top 100 cos spent Rs 5,240 crore on CSR activities in FY15: Study
A study by the proxy advisory firm IiAS shows that corporate houses were embracing CSR (Corporate Social Responsibility) enthusiastically.
Economic Times CSR Compendium: Ministers urge India Inc to help NGO efforts
Suresh Prabhu said that if the management of India Inc and commitment of social activists were pooled, it could truly transform the social sector of the country.
Top 75 companies spent Rs 4,000 crore on CSR in 2015
The government expects total spending in the first year to top Rs 9,000 crore and rise substantially in coming years, a government official said.
Relief material can count as part of companies 2 per cent CSR spend
A number of power, cement, food processing, agricultural and pharmaceutical companies have operations in the hill states that are regularly hit by floods.
Promotion of certain sports activities is CSR: Government
Sitharaman said that the companies "are at a preliminary stage of undertaking CSR activities like setting up of CSR Committees.
India Inc likely to spend Rs 22,000 crore on corporate social responsibility: Ernst & Young
It can be noted that the provision to make such spending mandatory for for-profit companies had run into big controversy at the drafting stage.
IT majors can monitor real poll spend by parties as their CSR
Parties can be made to record even tiny contributions by individuals, a random sample of which can be taken up for verification.
Ministry of Corporate affairs developing a reporting framework for CSR activity
The new Companies Bill, passed in the Lok Sabha in December, made it mandatory for firms to report on how much they spend on CSR every year.
Load More
