CSR spending under Ministry of Steel

Union Minister for steel Shri Dharmendra  Pradhan has informed that As per the Companies Act, 2013, Central Public Sector Enterprises (CPSEs) under Ministry of Steel earmark at least 2% of the average net profits made during the three immediately preceding financial years for Corporate Social Responsibility (CSR) activities. Unspent balance for the previous year, if any, is carried forward to the next year for utilisation for the purpose for which it was allocated. Steel Authority of India Ltd (SAIL) and Rashtriya Ispat Nigam Ltd.(RINL) have even allocated CSR funds during loss years to sustain the momentum of the ongoing committed CSR activities. The details of amount spent on CSR activities by the CPSE under Ministry of Steel during the last four years is as under:-

(Rs. in lakhs)

CPSEs are extending financial assistance to local social organisations, schools, hospitals and local bodies as well for various developmental works/activities. Criteria for undertaking CSR projects by CPSEs under Ministry of Steel is that projects are mainly carried out in periphery of steel plants, steel townships and mines. Thrust areas of the CSR activities where expenditure has been incurred during the last three years inter-alia include promotion of education & health, women empowerment, sustainable income generation through Self Help Groups, assistance to divyangs, access to water and sanitation facilities, village development, environment sustenance, sports coaching, promotion of traditional art & culture etc.