Indian corporates' CSR spending hits record ₹34,909 cr in FY24; HDFC Bank, RIL, TCS lead the way

Indian corporates spent a record ₹34,909 crore on Corporate Social Responsibility (CSR) initiatives in FY 2023-24, a 13% rise from the previous year, according to Fulcrum's latest Bharat CSR Performance Report. The report highlights a decade of steady growth, with a 38% increase in livelihood-focused projects. The top 10 companies alone accounted for 17% of this spend, with HDFC Bank (₹922 crore), Reliance Industries (₹899 crore), and TCS (₹813 crore) leading the charge.

Fulcrum's "Bharat CSR Performance Report FY 2023-24" provides an in-depth analysis of CSR expenditures, emerging trends, and geographical distribution of funds, offering insights for stakeholders across the CSR and social ecosystem. Notably, CSR disclosures are typically made with a lag of one financial year due to statutory timelines for reporting and verification.

There has been a significant shift in how companies view CSR, says Parthesh Vyas, Co–CEO of Fulcrum. "It is no longer seen as a mere compliance requirement, but as a strategic and integral part of business. Corporates are increasingly investing in long–term, impact–driven projects that bring tangible improvements to people's lives, rather than opting for one–time initiatives. The 38% rise in livelihood–focused projects reflects their growing commitment to empowering communities through sustainable livelihood opportunities."

"This year’s CSR data reaffirms that Indian businesses are not just fulfilling statutory obligations — they are actively shaping the country’s development journey," said Arun Mathai Marette, Co–CEO, Fulcrum, adding that the surge in projects related to education, environmental, and livelihood investments shows how CSR is becoming a key driver of Viksit Bharat.

Key Takeaways:

Growth in CSR Spending: India's total CSR spending surged by 13% in FY 2023–24, reaching ₹34,909 crore. Over 800 new companies joined the CSR ambit during this period.

Total Investment: From FY 2014-15 to FY 2023- 24, corporates have cumulatively invested over ₹2.21 lakh crore ($26.63 billion) in CSR initiatives.

Projects: A total of 59,634 CSR projects were implemented nationwide, a 9% increase from last year, with an average cost of ₹58.5 lakh per project. Excluding the top 10 companies, the average CSR spent by the remaining companies is ₹1.07 crore (per corporate).

Top Contributors: The top 10 companies accounted for 17% of the total CSR expenditure, collectively spending ₹5,857 crore. HDFC Bank led the pack with ₹922 crore, followed by Reliance Industries Ltd. (₹899 crore) and Tata Consultancy Services Ltd. (₹813 crore).

Dominance of Non-PSUs: Non–PSU companies contributed 87% (₹30,136 crore) of the total CSR spent, while PSUs accounted for 13% (₹4,773 crore).

Alignment with SDGs: CSR activities are increasingly aligned with the United Nations Sustainable Development Goals (SDGs).

Social Projects vs. Govt Funds: 97% (₹33,840 crore) of CSR funds were spent directly on social projects, while 3% (₹1,001 crore) were transferred to Government Funds.

State-wise Investment: Top 5 states included Maharashtra (₹6,066 crore), Gujarat (₹2,708 crore), Karnataka (₹2,255 crore), Tamil Nadu (₹1,969 crore), and Delhi (₹1,950 crore) collectively received 43% of the total CSR expenditure.