CHENNAI: Slum area development received the least contribution from corporate social responsibility (CSR) funds, with the sector getting less than Rs 2 crore in a year, according to a report tabled in the Parliament recently.
In 2014-2015, private donations to slum area development was around Rs 101 crore. In three years, the funds dipped to Rs 1.97 crore, shows the report submitted by minister of state for law and justice and corporate affairs P P Chaudhary.
Under the Companies Act, 2013, certain class of profitable entities are required to spend at least 2% of their three-year average annual net profit towards CSR activities.
The overall CSR contribution too dipped from Rs 9,564 crore to Rs 4,719 crore.
Continuing the trend in the past, education, welfare of the differently abled and livelihood got the biggest leg-up in 2016, with companies contributing around Rs 1,600 crore. Two years preceding this, the same sector had got nearly double the amount at Rs 3,021 crore.
Health, hunger eradication, poverty and malnutrition, safe drinking water and sanitation received the second highest amount with corporates donating Rs 1,201 crore.
Article Source: Times of India