Indian Companies are Investing 70% of CSR Funds on Education

Nasscom Foundation, in its yet-to-be-released report said that a substantial number of companies have spent more than 60-70% of their CSR spend in education initiatives.

"Education forms the major chunk of CSR spend: A substantial number of companies interviewed have spent more than 60-70% of their CSR spend in education initiatives, and the remaining half spend between 30-40% of their budget in education," the report, to be released shortly at a different event said the report.

Nasscom Foundation at its flagship event, The CSR Leadership Conference (CLC), also announced that the industry had widely accepted the 2% CSR rule with a trend of more and more companies coming out openly to declare 100% utilisation of their CSR money for 2015-16.

"The social landscape of the country is changing for good and the CSR is proving to be a much-needed catalyst. India Inc in its third year of the CSR mandate, has started to show signs of maturity towards its CSR spends, and larger number of companies are willing to work towards sustainable goals and create a more developed society around them," said Nasscom Foundation CEO Shrikant Sinha.

The Conference announced that the industry had widely accepted the 2% CSR rule with a trend of more and more companies coming out openly to declare 100% plus utilisation of their CSR money for 2015-16.