When India introduced mandatory corporate social responsibility (CSR) through the Companies Act, 2013, it launched a global-first experiment in corporate philanthropy. A decade later, that experiment is showing signs of paying off. CSR has matured into a predictable resource of Rs 35,000 crore-plus of annual development capital, and is expected to grow to Rs 1.2 lakh crore by 2035, fuelling creation of solutions in education, healthcare, skilling, and rural development. More importantly, it has brought India’s social challenges into corporate boardrooms–expanding the circle of leaders thinking more deeply about the country’s development.

What is emerging today are examples where CSR grants act as catalytic, patient capital designed to strengthen public systems. A recent report by SCALE, newly incubated by The Convergence Foundation, analyses factors behind this trend, and finds that much of this shift stems from visionary corporate leaders who view CSR as nation-building, a technically proficient new CSR leaders and teams, and a steady flow of capital increasingly oriented to the long term. These factors are transforming CSR from a compliance requirement to a catalytic force for systemic impact. 

Corporate boards as champions of long-term change

Over the past decade, the active involvement of corporate boards and CEOs has shaped bold philanthropic agendas. Many boards and leaders seek to drive high-impact programs in partnerships with governments and civil society organisations.

At Tata Steel, CEO T.V. Narendran regularly engages with communities that benefit from the flagship corridor of well-being programme, a large-scale development initiative in the Jamshedpur-Kalinganagar corridor. This ensures boardroom strategy stays close to field reality. Cipla’s Hamied family has championed the integration of palliative care into India’s public health system. At Bharti Airtel Foundation, Rakesh Bharti Mittal plays a hands-on role in shaping government partnerships for their decade-old Quality Support Programme now supporting over 33,000 government schools. These examples signal that many reputed companies are beginning to treat CSR with deep respect and as a means to test, strengthen, and scale public programmes that can ultimately affect millions. 

Established leaders in CSR

The evolving CSR landscape is being shaped by dynamic leaders who bring a blend of corporate expertise and deep commitment to development goals. In progressive companies, CSR is no longer housed as a peripheral function within HR or legal departments, or by professionals not vested in social change. Instead, it is led by experienced professionals, often with deep development sector experience, who drive both strategy and execution for scale.

Consider Sudarshan Suchi, chief development officer at Reliance Foundation, responsible for one of the largest CSR budgets, who brings decades of grassroots experience of designing programmes rooted in community ownership. Or amongst MNCs, at HSBC India, Aloka Majumdar blends financial sector leadership with a deep commitment to financial and climate resilience. Equally noteworthy are leaders such as Dhruvi Shah at Axis Bank Foundation, Shamik Trehan at Dr. Reddy’s Foundation, Kurush Irani at Bajaj Finserv, Vinod Kulkarni at Tata Motors, and Prabhakar Lingareddy at ITC---exemplifying a sophisticated approach to CSR, who foster the growth of high-quality CSR teams and encourages more companies to invest in high-quality talent who can steer ambitious programmes, and building greater organisational capacity within CSR teams. 

Empowering and trusting such leaders is essential, as their dedication and vision can inspire corporates to take bold bets which amplify social impact and contribute to nation-building. 

How Indian CSR can reimagine its portfolio

If CSR is to drive systems-level transformation over the next decade, three shifts are particularly important.

1. Focus beats fragmentation: Most progressive CSR programmes are choosing to go deep rather than wide (just like they would in their core business). For instance, ITC has zeroed in on climate-smart agriculture, working through multiple channels–government linkages, R&D partnerships with agri-institutes, AI/ML-enabled tools for farmers, or working with Krishi Vigyan Kendras and Farmer Producer Organisations. Such focus does not require abandoning the existing portfolio; it requires allocating incremental capital deliberately across programmatic work and structural change aligned with an overarching purpose. Companies should consider allocating a large proportion of their CSR capital to one or two high priority areas (depending on investment maturity) and keep a small pool for meeting requests that are natural for a business but also for catalytic pilots and ecosystem building. 

2. Collaborate early to leverage government scale: Some of the most powerful CSR initiatives today are those that collaborate with each other and with the government from the outset. Given the government’s mandate and reach for either nationwide scale or orchestrating local ecosystem for impact at scale, aligning CSR innovations with government priorities can enable 10x–100x multipliers. HUL’s Project Circular Bharat is a strong example. It brought together startups, community organisations, and government agencies to design a cohesive waste-management value chain, thereby becoming a model of regulatory harmonisation. EY Foundation’s investment in Central Square Foundation is also an example that helped leverage a much larger government pool under NIPUN UP–a 50x multiplier of their initial CSR investment. Technological solutions combined with personalisation and on-ground connect is another pathway to systemic impact through governments. 

3. Build institutions, not just projects: The most effective CSR portfolios go beyond funding programmes to strengthening the organisations that deliver them. The Axis Bank Foundation supports over 20 NGO partners through capacity building and technical assistance–not just grants. HSBC India’s collaborative of 78 NGOs under Skills for Life helped shape the Skill Impact Bond, a new financing model in the sector. This approach mirrors the corporate world: strong leadership and organisational resilience allow non-profits to adapt to change and sustain impact beyond grant cycles. CSR must see itself as building the impact infrastructure of the country. 

The next leap: CSR as risk-tolerant capital

By embracing focus, long-term commitments, collaboration, and institution-building with governments and civil society, companies can make CSR an engine of social transformation. This means shifting CSR from project funding to innovation, system strengthening, policy shaping, and investing in institutions that will define India’s next chapter. Early movers have already demonstrated that CSR can enable high impact, non-linear, systemic change. The next decade is an opportunity to widen this movement, ensuring CSR plays a pivotal role in making a Viksit Bharat. 

(Chandra is chairperson, Bain Capital India & Co-founder ATE Chandra Foundation; Mangaleswaran is chair of advisory board, SCALE. Views are personal.)