India's CSR Spending to Triple by 2035, Ushering a New Era of Philanthropy

The landscape of corporate social responsibility (CSR) in India is poised for significant change, with projected spending expected to exceed Rs 1.2 lakh crore annually by 2035. This prediction comes from a recent report highlighting a robust 13.48% compound annual growth rate (CAGR) observed from the earnings of India's top 100 listed companies.

The report, titled 'India Inc. for Building Bharat: How Systemic CSR is Building Enduring Impact for Tomorrow,' was launched by The Convergence Foundation and SCALE in partnership with India Impact Sherpas. It showcases emerging trends in corporate philanthropy, particularly the rise in catalytic funding aimed at bolstering public systems through government collaboration.

Since becoming the first nation to mandate CSR legally in 2014, with companies required to allocate 2% of their net profits to CSR activities, India's corporate philanthropy landscape has evolved. Last year's CSR spend was Rs 30,000 crore amidst a government social sector expenditure of Rs 25.7 lakh crore, about 8% of GDP. Ashish Dhawan, Founder-CEO of The Convergence Foundation, urges business leaders to view CSR as a long-term investment for societal impact.

(With inputs from agencies.)