CSR funding for healthcare jumps 30%, but falls drastically for environment, education purposes

CSR

Corporate Social Responsibility (CSR) funding for education went down by 18 percent, for environment and sustainability, it dropped by 36 percent, but the CSR fund flow for healthcare went up 30 percent in FY21.

According to the India Philanthropy Report 2022 by consulting firm Bain & Co, and non-government organisation Dasra, healthcare received Rs 6,363 crore of CSR funding in Fy21 from Rs 4,888 crore in Fy20, a jump of 30 percent. The CSR flow to healthcare was Rs 1,848 crore in Fy15, as per the report that analysed government data.

The PM Relief Fund received Rs 1,689 crore of CSR funds in Fy21, a massive jump of 112 percent against the previous year when it received Rs 797 crore, the India Philanthropy Report 2022 said on March 22.

Overall, FY 2021 witnessed a large proportion of funds directed towards COVID-19 relief activities, with a five-times increase in funds from Rs 1,815 crore in FY2020 to Rs 9,225 crore in FY2021.

According to the Union Ministry of Corporate Affairs, funds currently spent on COVID-19 relief is eligible as a CSR activity.

CSR spending falls in social sector verticals

While FY2021 saw increased spend in healthcare and PM Relief Fund from COVID-19 fund allocation but other sectors, such as education, environment and rural development witnessed a sizable decline.

Environment and sustainability segment recorded CSR funding flow dwindling to Rs 930 crore in Fy21 as against Rs 1,461 crore in Fy20. In FY15, the same segment had received CSR funding of Rs 774 crore.

Education sector, a key recipient of the CSR funds, saw flow tapering off 18 percent. In Fy21, the sector received Rs 5,877 crore as against Rs 7,155 crore in Fy20.

While rural development projects witnessed a fall of 15 percent in funds flow in Fy21, other segments, including livelihood, skills, sports, sanitation, drinking water, put together received Rs 6,863 crore of CSR funding in Fy21, a negative growth of 17 percent year-on-year.