Companies have lowered their financial contributions under corporate social responsibility (CSR) to national heritage by more than half, The Times of India (TOI) reported.
In FY19, spending by companies on national heritage fell 56 percent year-on-year, which was the largest drop among different sectors. Contribution towards welfare of armed forces rose 84 percent, which was the highest growth recorded.
Overall contribution under CSR jumped 18 percent YoY to Rs 11,961 crore in 2018-19. Of this, CSR contribution of 219 companies towards heritage conservation stood at Rs 175 crore, the report said, adding that the top contributors being Rural Electrification Corporation, Oil India, Infosys and Wipro.
The report is based on an analysis of 1,132 companies listed on the NSE as of March 31, 2019.
Moneycontrol could not independently verify the story.
In FY18, 208 companies contributed Rs 393 crore for the construction of the Statue of Unity in Gujarat. This could explain the drop in CSR expenditure on national heritage in 2018-19.
Other areas that saw major growth in CSR spending were reducing inequalities (41 percent) and healthcare (25 percent), the report said.
Most CSR funds went to industrialised states such as Maharashtra, Gujarat, Karnataka and Tamil Nadu.
According to norms, CSR expenditure is mandatory for companies with a net worth of Rs 500 crore and above, net profit of Rs 5 crore and above, or revenue of Rs 1,000 crore and above.
