The Evolution of CSR: Achieving Impact Beyond Compliance

The 2024 State of CSR Report by Sattva Consulting reveals a 13% increase in CSR spending in India, totaling Rs. 29,000 crore for 2022-23. Over 56% of companies exceeded the mandatory 2% CSR expenditure, marking a shift towards sustainable, impactful projects. The report highlights changes in CSR strategies, regulatory adjustments, and their impact on India's social investment landscape.

The 2024 State of CSR Report by Sattva Consulting, India, unveils a notable 13% rise in CSR allocations, reaching Rs. 29,000 crore for the fiscal year 2022-23. This increase coincides with profit growth for over 33,000 companies between 2020-23.

More than 56% of businesses not only met but exceeded the legally mandated 2% CSR expenditure – indicating a pivot towards impactful, sustainable initiatives rather than transient donations. With CSR spending tripling in nine years, companies are now key players in development finance.

Despite these trends, approximately 20% of firms failed to meet CSR obligations. Regulatory changes now permit transferring unspent funds to ongoing projects, prompting a strategic shift from short-term donations to long-term projects emphasizing sustainability. This report details sector-specific investments and assesses CSR's role in achieving India's Sustainable Development Goals.

(With inputs from agencies.)