New Delhi, 25 February 2021: Education, a key sector for meeting India’s Sustainable Development Goals has got the lion’s share of Corporate Social Responsibility funds in the past five years.
Country’s total CSR budget in the last five years from 2014-15 to 2018-19 was Rs 71,469.96 crores. Out of this kitty, Rs 27,128.26 (37.95%) went to Education, Differently Abled and Livelihood segments collectively, as per data compiled by Ministry Of Corporate Affairs.
According to the Companies Act 2013, companies active in India are supposed to spend at least 2 per cent of their average net profit of the past three years on CSR activities every financial year. Ministry of Corporate Affairs (MCA) has segregated several social sectors broadly on the line of Sustainable Development Goals (SDGS) where corporates can spend their CSR budget, based on their priority areas. The law which made CSR mandatory came into force from April 1, 2014.
If one dives deeper in the CSR expenditure, it emerges that allocation to Education, Differently Abled and Livelihood has more than doubled in the past five years from 2014-15 to 2018-19.
MCA data highlights that corporates spent Rs 3,188.09 crore towards these causes in 2014-15 which increased to Rs 7,499.81 crores in 2018-19, registering an increase of almost 135 per cent.
Corporates’ interest in the particular cause of improving Education, Differently abled and Livelihood has been quite consistent through the years.
Among these three (Education, Differently abled and Livelihood), Education sector has received the biggest pie. In 2014-15, corporates spent Rs 2,589.42 crore on Education sector which reached to Rs 5,718.11 crores. The allocation got sharp increase of around 56% in 2015-16 from the previous year.
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After Education, Livelihood Enhancement Projects and Vocation Skills got almost equal attention of corporates. In 2014-15, Corporates spent Rs 277 crore on vocational skills while livelihood enhancement projects received support worth Rs 280 crores. In subsequent three years, expenditure on Livelihood Enhancement Projects increased sharply but the gap between these two sectors minimised in 2018-19.
Other than these three sectors clubbed in one by MCA, there is another category named Special Education which has also received significant allocation in the past five years. Rather the allocation to Special Education has increased significantly from Rs 41.43 crores in 2014-15 to Rs 173.89 crores in 2018-19.
Allocation to Education sector matches the India’s focus when comes to Sustainable Development Goals (SDGs). Its goal 4 talks about ensuring inclusive and equitable quality education and promote lifelong learning opportunities for all.
