New Delhi, June 20, 2023: The public sector giant, Coal India Ltd has exceeded the mandatory Corporate Social Responsibility (CSR) spending in FY 2022-23. During this financial year, the biggie spent Rs 513 crore on CSR projects, which is 15.3% higher than the statutory requirement of Rs 445 crore. This information has been released via a statement by the company.
In the last 4 years (Till the closure of 2022-23), CIL's CSR expenditure has been to the tune of Rs 2,238 crore. This means that the company has spent 29% more than the mandated amount of Rs. 1,735 crore. In other words, an increase of Rs 503 crore.
Some of the notable CSR initiatives undertaken by Coal India include building of a centralized kitchen to provide mid-day meals for over 50,000 students in Ramgarh, Jharkhand, the construction of a 5,000-seater library at Ranchi University, and the reconstruction of a rain shelter/common facility center in Badrinath.
It must be noted that the Public Sector Undertaking (PSU) has also been contributing towards the treatment of thalassemia children from financially disadvantaged backgrounds through bone marrow transplantation.
Coal India CSR initiatives involves the following areas:
- Education & Livelihood
- Promotion of Sports
- Nutrition, Health & Sanitation
- Environmental Sustainability
- Disaster Management & Relief
- Empowerment, Welfare & Social Inclusion
- Contribution to Technology Incubators, Research Institutions
- Promotion of Art & Culture and Conservation of National Heritage
- Welfare of Armed Forces
- Rural Development
- Contribution to National Relief Funds
During the COVID times too, Coal India Limited has helped setting up 31 oxygen plants across 28 hospitals in the country to mitigate the shortage of oxygen.
CSR runs its CSR initiatives across 34 districts of eight states in India.
On April 1, 2014, India became the first nation to enforce a legal requirement for corporate social responsibility. According to Section 135 of The Companies Act, it's mandatory for companies with a net worth of Rs 500 crore or more/turnover of Rs 1000 crore or more/net profit of Rs 5 crore or more to spend 2% of their average net profit for the past three years on CSR activities.
