Categories: Business

Over half of India inc COVID-19 spends went to PM-CARES

Photo: GOOGLE

Corporate Social Responsibility

new Delhi. More than half of the total commitment made to tackle the corona virus epidemic of the industry was given to the Prime Minister's Civil Assistance and Emergency Situation Relief Fund (PM Cares Fund). Rating agency Crisil said this on Tuesday. The CRISIL Foundation said in its report on CSR (Company Social Responsibility) during the epidemic that the contribution of 113 top companies to the newly formed PM-Cares fund is more than Rs 3,221 crore given to other relief operations related to the corona virus. The fund was launched in March following the announcement of a 'lockdown' to prevent the corona virus epidemic in the country.

Last month, the government announced that the PM-Cares Fund was allocating Rs 3,100 crore for various measures. This included Rs 2,000 crore for the purchase of ventilators, Rs 1,000 crore for the help of migrant laborers returning to their villages and Rs 100 crore for the development of vaccines.

Crisil said it analyzed expenditure on the social sector of 130 companies. Of this, 113 pledged assistance in cash or otherwise. 84 of them contributed Rs 7,537 crore. This can be classified as CSR expense. The remaining 29 companies gave Rs 373 crore to other funds. A contribution of Rs 84 crore was given in the form of voluntary donations which would not fall in the category of CSR spending. Apart from this, there are reports of contributions to the Chief Minister's Relief Fund. It is not placed under CSR expenditure. According to the CRISIL report, of the 84 spending units, 67 per cent or 56 units are from the private sector and they account for two-thirds of the total contribution of Rs 7,537 crore. At the same time, 24 companies are in the public sector and their share is 30 percent and there are seven foreign companies. Of the 84 companies pledging cash assistance, 36 are from Maharashtra. His contribution was Rs 4,728 crore which is 63 percent. After that, the national capital was Delhi. 13 companies in Delhi contributed 17 percent. While nine companies were from Gujarat which contributed 7 per cent of the Rs 7,537 crore.

According to the report, 48 of these 84 companies spent for the Kovid-19 at the company level and not at the group level. Of these, 28 spent more than half of the total CSR expenditure of 2018-19. At the same time 16 companies spent equal to or more than in 2018-19. Of the 4,817 companies listed, 1,976 essentially meet the CSR spending criteria. Of this, 1,276 actually cost. At the same time 129 are not spending giving reasons like citing difficulty in identifying the project. 102 did not mention this in their annual report while 150 said they did not have to spend.

This post was published on June 10, 2020 12:33 am

Content Team

Recent Posts

Ban on gaming apps hopes for opportunity for domestic sector

Photo: MEDIATEK online gaming new Delhi. The government has banned 118 apps keeping in mind the security of the country.…

India august gold imports double to hit 8 months peak says source

Photo: TIMESOFINDIA gold import at 8 months high new Delhi. The economy is now looking forward to a gradual recovery.…

Coal India Q1 profit plunges 55 percent YoY

Photo: GOOGLE Coal India Q1 result new Delhi. Coal India's profit fell 55 per cent in the first quarter to…