New Delhi/Mumbai: Maharashtra and Gujarat have emerged as the top recipients of corporate social responsibility (CSR) funds from India’s top 100 listed companies in FY2024, collectively accounting for ₹8,774 crore. Maharashtra led with ₹6,066 crore of the total CSR spend, while Gujarat followed with ₹2,708 crore. Karnataka and Tamil Nadu received ₹2,255 crore and ₹1,969 crore respectively, while Delhi attracted ₹1,545 crore. Odisha and Andhra Pradesh witnessed the highest percentage growth in CSR allocations between FY2022 and FY2024, with increases of 85 per cent and 70 per cent, respectively. Overall, 61 per cent of India Inc’s CSR funds were concentrated across ten States, reflecting strong alignment with regional development priorities and operational footprints.
ICRA ESG Ratings’ latest report, ‘Beyond Compliance: CSR Leadership Among India’s Top 100 Companies – A comparative analysis of CSR Trends for India Inc.., ’ also highlights a fundamental shift in India Inc.’s CSR approach, from compliance to commitment, driven by strategic focus, regional responsiveness, and long-term developmental impact.
In total, India’s top 100 listed companies spent ₹12,897 crore on CSR in FY2024, marking a 29 per cent rise from ₹9,989 crore in FY2022. This growth in CSR spending was underpinned by a 37 per cent increase in average net profits during the same period. The average CSR spend per company reached ₹129 crore. Notably, 16 companies raised their CSR contributions despite reporting a decline in profits, underscoring a commitment to social development beyond statutory obligations.
Education and healthcare continued to dominate CSR priorities. Education-related initiatives saw spending nearly double, rising from ₹6,719 crore in FY2022 to ₹12,134 crore in FY2024 — an 81 per cent jump. Healthcare remained the second-largest focus area, with companies collectively spending ₹7,151 crore in FY2024, compared to ₹8,049 crore in FY2022.
Corporate interest in livelihood enhancement and rural development also grew sharply. The livelihood sector received ₹2,360 crore in FY2024, up from ₹881 crore in FY2022, reflecting a 168 per cent increase. Rural development spending climbed from ₹1,847 crore to ₹2,408 crore over the same period.
CSR initiatives in aspirational districts expanded significantly. Spending rose by 115 per cent from FY2021 to FY2023, increasing from ₹651.4 crore to ₹1,402.9 crore. In FY2024, companies such as Infosys, Canara Bank, and Tata Motors implemented programmes across over 100 of India’s 112 aspirational districts. The iron and steel sector led contributions to these regions, with Tata Steel alone accounting for ₹280.3 crore.
In terms of financial discipline, 73 per cent of companies fully utilised their CSR budgets in FY2024, and 48 per cent exceeded the mandated limits. Leading contributors included HDFC Bank with ₹945 crore, Reliance Industries with ₹900 crore, and Tata Consultancy Services with ₹827 crore.
Commenting on the findings, Sheetal Sharad, Chief Ratings Officer, ICRA ESG Ratings Limited, said, “The growing alignment with UN SDGs and proactive CSR spending, even beyond mandated budgets, reflects a maturing approach to inclusive development. These efforts are not only enhancing stakeholder value but also contributing meaningfully to India’s broader climate and social goals.”