New Delhi, 11 February 2021: The hilly state of Himachal Pradesh has witnessed a sharp increase in the CSR fund flowing in the state over the period 2014-19. The state-specific CSR fund in the state grew incredibly from Rs 11 Cr in 2014-15 to Rs 80 Cr in 2018-19, a growth of more than 630 %.
During the period, the growth in the state-specific CSR fund was 8 times higher than the national average.Over the period 2014-19, the national average of CSR funding growth was recorded at 85%.
According to the data available with Ministry of Corporate Affairs, the total CSR fund to the state in the financial year 2018-19 rose to Rs 79.97 Cr as compared to merely Rs 10.94 Cr in the financial year 2014-15.
Himachal Pradesh- CSR funding over 2014-15 Vs 2018-19
Number of companies doing CSR in Himachal Pradesh doubled during 2014-19
The growth in CSR funding was also because the number of companies spending on CSR in the state more than doubled during the same period. In the year 2014-15, only 52 companies had undertaken CSR activities in the state. However, the number of companies shot up to a total of 109 in the year 2018-19.
Growth led by SJVN focus on Himachal Pradesh
The massive growth in CSR fund to the state came from the state-centric approach of SJVN (Satluj Jal Vidyut Nigam), a Mini Ratna company which is under administrative control of Ministry of Power, Govt. of India. The company which is a joint venture between as a joint venture of the Government of India (GOI) and the Government of Himachal Pradesh (GOHP), has lately started investing its majority CSR fund in the state. Earlier, its programmes mostly carried a PAN India approach.
For example, despite the company spending a whopping Rs 37 Cr on its CSR activities in 2014-15, it did not allocate any fund specific to Himachal Pradesh. In contrast, the company spent a total of Rs 40 Cr in 2018-19 out of which Rs 35 Cr went to the CSR programme conducted in Himachal Pradesh.
The CSR funding to the state in the year 2018-19 by SJVN was followed by Eicher Motors and Power Grid Corporation of India which spent around Rs 7.6 Cr and Rs 6.4 Cr respectively.
Himachal Pradesh - Top CSR spenders in 20018-19
CSR fund grow multi-fold in key areas
Over the period of 2014-19, the CSR fund in the key areas of Education, Health Care and Rural Development grew in the range of 6 to 10 times. For example, the CSR fund spent on Education was merely Rs 4 Cr in 2014-15, This grew to Rs 21 Cr in 2018-19.
Further, the rural development projects witnessed a sharp increase of over 10 times with the CSR fund in the sector growing from close to Rs 1 Cr to nearly 10 Cr.
With the astounding CSR funding growth figures of Himachal Pradesh, the state comes only next to the north-eastern state of Tripura which witnessed the highest state-specific CSR fund growth of 1600 % over the period.
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