Corporate India’s spending on the environment doubled in FY22

Indian companies are reshaping their approach to corporate social responsibility (CSR) spending, with a growing focus on environmental and health initiatives. In the fiscal year 2021-22, there was a notable shift in CSR expenditure patterns. Spending on environmental projects saw a remarkable increase, reaching ₹2,837 crore, which is more than double the previous year’s amount. This signifies a surge in companies’ commitment to environmental sustainability.

Another shift was spotted in CSR spending on health-related endeavours. This skyrocketed to ₹9,987 crore, surpassing the allocation for education, thereby establishing health as the leading sector for CSR funds.

The ambit of health-related projects is comprehensive, encompassing actions against hunger, poverty, malnutrition, and efforts to provide access to clean drinking water and improved sanitation facilities.

Several prominent companies directed substantial funds toward these causes. Tata Consultancy Services (TCS) led the health sector by channelling a substantial ₹704 crore. While Infosys led the pack by contributing ₹157 crore to environmental initiatives.

In the larger picture, Reliance Industries stood out as the highest spender across various CSR domains, allocating ₹812 crore to multiple projects. Other significant contributors include HDFC Bank, TCS, ONGC, and NTPC.