IDENTIFY THE LEADING INDIAN COMPANIES BASED ON AVERAGE CSR SPENDING DURING THE LAST FIVE FINANCIAL YEARS 2016-17 TO 2020-21

This article is written by Zeeshan Rahman of the Centre for Juridical Studies, Dibrugarh University, an intern under Legal Vidhiya

ABSTRACT

This paper presents a comprehensive analysis of leading Indian companies based on their average CSR spending from the fiscal years 2016-17 to 2020-21. Focusing on prominent entities including Reliance Industries, ONGC, Tata Consultancy Services, HDFC Bank, and Indian Oil, the study identifies consistent contributors to Corporate Social Responsibility (CSR). The analysis extends to a comparative examination of their CSR policies, revealing diverse strategic priorities and thematic focuses. Findings underscore the nuanced approaches these companies adopt to address societal challenges. The study contributes significant insights into evolving CSR practices within the Indian corporate landscape, emphasizing the pivotal role of corporations in societal well-being. As companies increasingly recognize their responsibility, this research serves as a valuable reference for stakeholders, policymakers, and researchers, offering a holistic understanding of CSR strategies and highlighting avenues for future exploration and refinement—the paper advocates for continued attention to CSR initiatives as integral components of corporate identity and societal impact.

Keywords

Corporate Social Responsibility (CSR), Indian Companies CSR, CSR Spending Rank, CSR analysis, Business Ethics

INTRODUCTION

Corporate Social Responsibility (CSR) is a dynamic and evolving concept that has gained significant prominence in the business world over the years. At its core, CSR represents the acknowledgement that businesses have responsibilities beyond profit-making and shareholder value. Instead, they play a crucial role in contributing to the overall well-being of society and the environment in which they operate. This multifaceted approach to business reflects a shift in the traditional paradigm, recognizing that companies can and should be agents of positive change. In essence, CSR encompasses a set of initiatives and strategies that go beyond the narrow confines of profit maximization. It involves a commitment to ethical behaviour, environmental sustainability, and active participation in addressing societal issues. As business leaders increasingly recognize the interconnectedness of their operations with the broader community, CSR has become integral to sustainable and responsible business practices.

Core Pillars of CSR:

CSR is traditionally categorized into four pillars, each addressing a specific aspect of corporate responsibility:

1. Environmental Responsibility:

• Involves adopting environmentally friendly practices to minimize the ecological impact of business operations.
• Companies commit to reducing harmful practices, regulating energy consumption, and offsetting negative environmental impacts.

2. Ethical Responsibility:

• Focuses on ensuring fair and ethical business practices, treating all stakeholders, including employees, suppliers, and customers, with fairness.
• This may include setting higher minimum wages, sourcing products ethically, and avoiding practices like child labour.

3. Philanthropic Responsibility:

• Encompasses a business’s commitment to actively contribute to societal well-being and make a positive impact.
• Companies often dedicate a portion of their earnings to charitable causes, aligning with their mission or addressing broader societal issues.

4. Economic Responsibility:

• Involves backing financial decisions with a commitment to doing good, aiming to positively impact the environment, people, and society.
• The end goal is not just profit maximization but ensuring that business operations align with broader societal goals.

CSR initiatives extend beyond moral convictions; they offer tangible benefits and drive important social change. Firstly, CSR serves as a powerful marketing tool, enhancing a company’s image and positioning it favourably in the eyes of consumers, investors, and regulators. It is not merely about compliance; instead, it reflects a proactive commitment to making a positive impact on the world.

Moreover, CSR initiatives contribute to improved employee engagement and satisfaction, crucial factors for talent retention. Companies that actively engage in social responsibility often attract employees who share similar convictions, fostering a positive and purpose-driven workplace culture. By examining hiring and management practices, supply chain sourcing, and value delivery to customers, businesses undergoing CSR reflection often discover innovative solutions that enhance both social responsibility and profitability.

Corporate Social Responsibility represents a paradigm shift in the way businesses perceive their role in society. It is not merely a trend but a fundamental acknowledgement of the interconnectedness between business operations and the well-being of the broader community. As businesses navigate an ever-evolving landscape, CSR has become a guiding principle for ethical, sustainable, and responsible business practices. The evolution of CSR from early philanthropy to a comprehensive framework embracing environmental, ethical, philanthropic, and economic dimensions underscores its relevance in contemporary business strategies. Ultimately, CSR is not just a moral imperative; it is a strategic imperative that contributes to a more sustainable, equitable, and prosperous future for businesses and society at large.

OBJECTIVE

This paper aims to identify the foremost Indian companies based on their average CSR spending from 2016-17 to 2020-21, spotlighting leaders such as Reliance Industries, ONGC, Tata Consultancy Services, HDFC Bank, and Indian Oil. In addition, the study endeavours to compare their CSR policies, examining strategic nuances and thematic priorities. This concise analysis seeks to provide valuable insights into evolving CSR practices within the Indian corporate landscape, offering stakeholders and researchers a comprehensive understanding of these companies’ commitment to social responsibility.

HISTORICAL DEVELOPMENT

The trajectory of Corporate Social Responsibility (CSR) in India has undergone a transformative journey, notably influenced by regulatory changes such as the 2013 Companies Act. This legislative milestone marked a significant departure in how businesses approached societal concerns, steering them towards a more structured and accountable engagement with CSR. Pre-2013, the landscape was shaped by historical, economic, and political currents, each era imprinting distinctive features on corporate social initiatives. During the British Era (1850-1914), the focus was on industrialization and economic growth, with corporate CSR manifesting as dynastic charity. Industrialists channelled their philanthropy through trusts, contributing to religious institutions. The pre-independence period (1914-1947) witnessed a shift as businesses actively supported the freedom struggle. The relationship between M.K. Gandhi and industrialists became pivotal, giving rise to the concept of trusteeship, and positioning businesses as custodians of societal wealth. Post-Independence (1947-1960) saw India adopting socialist policies, and corporate CSR aligned with supporting the state’s initiatives and rural development. The period from 1960 to 1990 was characterized by heavy regulations and the license raj, prompting the emergence of corporate trusts as a prevalent form of CSR. The era of globalization (1991-2013) ushered in economic reforms, with CSR involving family trusts, private-public partnerships, and NGO sponsorships.

The turning point came with the introduction of the mandatory 2% rule under the 2013 Companies Act. This regulation mandated that eligible firms allocate at least 2% of their annual profits to CSR activities. This shift brought about a more systematic and accountable approach to corporate giving, fostering a sense of structured responsibility. Religious traditions deeply ingrained in Indian philanthropy, such as daan, seva, and zakat, historically guided corporate giving, predominantly towards religious institutions. However, as economic and social dynamics evolved, the corporate sector witnessed innovation and heightened efforts to address broader societal issues. As India grapples with economic shifts, globalization, and societal divisions, the role of businesses in addressing social issues has garnered increased attention. The mandatory CSR regulations underscore a commitment to creating a more inclusive and responsible business environment. Companies are now mandated to actively contribute to societal well-being, marking a paradigm shift towards a more conscientious and accountable approach to corporate social responsibility.

DATA ANALYSIS

The data utilized in this study was sourced from CSR Box’s reports, specifically the “India CSR Outlook Report,” spanning the fiscal years 2016-17 to 2020-21.

FY 2016-2017:

Rank	Name	Actual CSR Spent	Prescribed CSR
1	Oil & Natural Gas Corp. Ltd.	536 INR Cr.	659 INR Cr.
2	Reliance Industries Ltd	228 INR Cr.	289 INR Cr.
3	Tata Consultancy Services Ltd.	275 INR Cr.	536 INR Cr.
4	HDFC Bank Ltd	276 INR Cr.	526 INR Cr.
5	Indian Oil Corp. Ltd.	280 INR Cr.	659 INR Cr.

FY 2017-2018:

Rank	Name	Actual CSR Spent	Prescribed CSR
1	Reliance Industries Ltd	745.04 INR Cr.	54.38 INR Cr.
2	Oil & Natural Gas Corp. Ltd.	503.44 INR Cr	334.00 INR Cr.
3	Tata Consultancy Services Ltd.	400.00 INR Cr.	359.56 INR Cr.
4	HDFC Bank Ltd.	374.54 INR Cr.	359.94 INR Cr.
5	Indian Oil Corporation Ltd.	331.04 INR Cr.	326.17 INR Cr.

FY 2018-2019:

Rank	Name	Actual CSR Spent	Prescribed CSR
1	Reliance Industries Ltd	849 INR Cr.	542 INR Cr.
2	Oil & Natural Gas Corp. Ltd.	614 INR Cr.	480 INR Cr.
3	Indian Oil Corporation Ltd.	490 INR Cr.	314 INR Cr.
4	HDFC Bank Ltd.	439 INR Cr.	237 INR Cr.
5	Tata Consultancy Services Ltd.	434 INR Cr.	186 INR Cr.

FY 2019-2020:

Rank	Name	Actual CSR Spent	Prescribed CSR
1	Reliance Industries Ltd	1908.71 INR Cr.	543.38 INR Cr.
2	Oil & Natural Gas Corp. Ltd.	874.95 INR Cr.	334.00 INR Cr.
3	Tata Consultancy Services Ltd.	606.97 INR Cr.	359.56 INR Cr.
4	Indian Oil Corporation Ltd.	571.81 INR Cr.	359.94 INR Cr.
5	HDFC Bank Ltd.	602.00 INR Cr.	602.00 INR Cr.

FY 2020-2021:

Rank	Name	Actual CSR Spent	Prescribed CSR
1	Reliance Industries Ltd	922 INR Cr.	884 INR Cr.
2	Tata Consultancy Services Ltd.	674 INR Cr.	663 INR Cr.
3	HDFC Bank Ltd.	635 INR Cr.	628 INR Cr.
4	Oil & Natural Gas Corp. Ltd.	553 INR Cr	539 INR Cr.
5	Indian Oil Corporation Ltd.	460 INR Cr.	342 INR Cr.

To identify the leading Indian companies based on average CSR spending during the last five financial years (2016-17 to 2020-21), we can calculate the average CSR spending for each company over this period and then rank them accordingly:

1. Reliance Industries Ltd.

Average CSR Spending: (228 + 745.04 + 849 + 1908.71 + 922) / 5 = 730.95 INR Cr.

2. Oil & Natural Gas Corp. Ltd. (ONGC)

Average CSR Spending: (536 + 503.44 + 614 + 874.95 + 553) / 5 = 616.68 INR Cr.

3. Tata Consultancy Services Ltd.

Average CSR Spending: (275 + 400 + 434 + 606.97 + 674) / 5 = 478.19 INR Cr.

4. HDFC Bank Ltd.

Average CSR Spending: (276 + 374.54 + 439 + 602 + 635) / 5 = 465.31 INR Cr.

5. Indian Oil Corporation Ltd.

Average CSR Spending: (280 + 331.04 + 490 + 571.81 + 460) / 5 = 426.57 INR Cr.

Over the last five fiscal years (2016-17 to 2020-21), the top five companies in terms of average CSR spending, namely Reliance Industries Ltd., Oil & Natural Gas Corp. Ltd. (ONGC), Tata Consultancy Services Ltd., HDFC Bank Ltd., and Indian Oil Corporation Ltd., have demonstrated a substantial commitment to Corporate Social Responsibility (CSR) activities by Section 135 of the Companies Act. These companies have consistently allocated significant financial resources towards CSR initiatives, reflecting a strong sense of social responsibility and adherence to the statutory requirements outlined in Section 135. Their CSR endeavours have spanned diverse sectors, including healthcare, education, rural development, and environmental sustainability. The data indicates a sustained and commendable effort by these companies to contribute to societal well-being and sustainable development, aligning with the legislative mandate for corporate entities to engage in meaningful CSR activities and make a positive impact on the communities they operate.

The increase in CSR spending for each company from the fiscal year 2016-2017 to 2020-2021:

Reliance Industries Ltd.:

Reliance Industries exhibited a substantial increase in CSR spending over the five years, soaring from 228 INR Cr. in 2016-2017 to 922 INR Cr. in 2020-2021. This impressive growth reflects a remarkable 303.51% expansion in CSR expenditure, underscoring the company’s heightened commitment to social responsibility.

ONGC Ltd. (Oil and Natural Gas Corporation Ltd.):

ONGC experienced a modest increase in CSR spending, rising from 536 INR Cr. in 2016-2017 to 553 INR Cr. in 2020-2021. This corresponds to a 3.17% growth over the five years, indicating a relatively steady but gradual progression in the company’s CSR initiatives.

 Consultancy Services Ltd.:

Tata Consultancy Services demonstrated a noteworthy surge in CSR spending, escalating from 275 INR Cr. in 2016-2017 to 674 INR Cr. in 2020-2021. This substantial rise translates to an impressive 145.82% increase, highlighting TCS’s robust commitment to social and community-oriented projects.

HDFC Bank Ltd.:

HDFC Bank showcased a commendable expansion in CSR outlays, elevating from 276 INR Cr. in 2016-2017 to 635 INR Cr. in 2020-2021. This marked a substantial 130.43% rise, signifying the bank’s sustained efforts in channelling resources toward diverse social and developmental causes.

Indian Oil Corporation Ltd.:

Indian Oil Corporation demonstrated a notable increase in CSR spending, advancing from 280 INR Cr. in 2016-2017 to 460 INR Cr. in 2020-2021. This signifies a 64.29% growth, reflecting the company’s commitment to enhancing its social impact and community development initiatives over the five years.

TOP 5 CSR SPENDING COMPANIES FOR THE LAST FIVE FISCAL YEARS

1. Reliance Industries Ltd.

Average CSR Spending: 730.95 INR Cr.

Reliance Industries Limited (RIL) has played a pivotal role in shaping India’s economic landscape for over 45 years. Founded by Dhirubhai H. Ambani, the company’s journey began in 1957 with a vision to establish India’s largest corporation. Over the decades, RIL achieved significant milestones, including wealth creation, global recognition, and transformative initiatives like Jio, marking the largest greenfield digital development project. Under Mukesh D. Ambani’s leadership, RIL became the first Indian company to cross the US$ 200[1] billion market capitalization mark in 2020. The company ventured into the New Energy business in 2021, committing to net-zero carbon by 2035. The years 2022-23 they accelerated India’s digital transformation with the launch of Jio True 5G and Jio Financial Services’ joint venture with BlackRock. Beyond business success, RIL actively contributed to societal well-being, particularly during the COVID-19 pandemic, with initiatives like setting up the first COVID-19 hospital, producing medical-grade oxygen, and providing free meals and vaccinations. The Reliance Foundation, established in 2010, has played a crucial role in transforming lives through education, health, and community development. Throughout this journey, a common thread of care and empathy, emphasized by Mukesh D. Ambani, has been the guiding force, reflecting RIL’s impact on India’s economic, technological, and social spheres.

Reliance Industries Limited (RIL) upholds a robust Corporate Social Responsibility (CSR) policy rooted in sustainable development, aligning it with core business decisions. Guided by the principles of the Ministry of Corporate Affairs, RIL has established a Board-level CSR Committee to oversee policy implementation. This committee, featuring eminent individuals such as Dr. Raghunath A. Mashelkar, K. V. Chowdary, and Dr. Shumeet Banerji[2], ensures adherence to the CSR objectives outlined in Section 135 of the Companies Act, 2013.

Under the leadership of Smt. Nita M. Ambani, Reliance Foundation, the philanthropic arm of RIL, plays a pivotal role in addressing India’s developmental challenges. The CSR strategy revolves around the central theme of “Creating momentum with passion and purpose.” Emphasizing collaboration and inclusivity, RIL actively engages with stakeholders and seeks partnerships to amplify the impact of its CSR initiatives. In particular, the company’s rural development focus, executed through programs like RF-BIJ and RF-IS, underscores a commitment to transforming rural communities by addressing income security, nutritional self-sufficiency, climate resilience, and gender equality. The approach involves tailored action plans, resource optimization, and empowerment through knowledge dissemination, contributing significantly to the well-being of millions across India.

2. Oil & Natural Gas Corp. Ltd. (ONGC)

 Average CSR Spending: 616.68 INR Cr.

The Oil and Natural Gas Corporation Limited (ONGC) holds a seminal position in India’s energy landscape, playing a pivotal role in the country’s quest for self-sufficiency in oil and gas production. Established under the visionary leadership of Pandit Jawahar Lal Nehru, ONGC’s foundation was laid by Shri Keshav Dev Malviya in 1955 as the Oil and Gas division under the Geological Survey of India.[3] The journey began with the conversion of this division into the Oil & Natural Gas Directorate in 1956, later evolving into the Oil & Natural Gas Commission in August 1956 and ultimately into a Corporation in 1994. Throughout its illustrious 60-year journey, ONGC has been instrumental in transforming India’s upstream sector, discovering significant oil and gas resources and turning frontier areas into productive hydrocarbon provinces. The milestones are numerous, ranging from the discovery of Bombay High in 1974 to venturing offshore in the early 70s, leading to the exploration of giant fields. ONGC’s resilience and commitment are highlighted by its growth into one of the world’s largest Exploration and Production (E&P) companies, both in terms of reserves and production.

In 1991, amidst the liberalization of India’s economic policy, ONGC underwent reorganization, becoming a limited company under the Companies Act, 1956. Strategic alliances with Indian Oil Corporation (IOC) and Gas Authority of India Limited (GAIL) followed, opening avenues for collaborative ventures in the energy value chain. Diversifying into the downstream sector in 2002-03 and venturing globally through its subsidiary ONGC Videsh Ltd. (OVL), ONGC secured a position as a Maharatna, contributing about 75% to India’s domestic oil and gas production. ONGC’s quest for energy security is reflected in its aggressive investment decisions, even amid global crude price fluctuations. The company’s foray into deeper offshore plays, such as in the Krishna Godavari Basin, exemplifies its dedication to meeting India’s energy needs. ONGC’s resilience and strategic vision have earned it a place among Fortune’s “World’s Most Admired Companies,” solidifying its status as a stalwart in India’s energy domain.

Oil and Natural Gas Corporation Limited (ONGC) upholds a robust Corporate Social Responsibility and Sustainable Development (CSR) Policy, endorsed by the Board in 2015 and revised in 2021 to align with statutory changes. Compliant with the Companies Act, 2013, CSR Policy Rules, 2014, and DPE Guidelines, 2014, the policy centres on uplifting marginalized and disadvantaged communities in India. ONGC’s CSR initiatives are identified through rigorous processes, encompassing need assessments, baseline surveys, and well-defined outcome objectives. Projects span various sectors, such as healthcare and nutrition, by DPE’s thematic recommendations for specific years. The company emphasizes collaboration with implementing agencies, establishing clear timelines, financial allocations, and beneficiary identification, and ensuring accountability through robust monitoring, evaluation, and reporting mechanisms. The CSR Committee, comprising esteemed directors, oversees the implementation and progress of these initiatives. For the financial year 2020-21, ONGC allocated Rs. 5387.72 million for CSR, with actual spending amounting to Rs. 5530.96 million[4]. The company maintains a judicious approach to CSR, ensuring impactful utilization of funds, and any excess amount spent can be set off in subsequent years. Administrative overheads for the year were Rs. 211.67 million, and an additional Rs. 4.71 million was dedicated to impact assessment.

3. Tata Consultancy Services Ltd.

Average CSR Spending: 478.19 INR Cr.

Tata Consultancy Services (TCS) stands as one of the world’s largest multinational IT service and consulting firms, headquartered in Mumbai, India, with a global presence. Established in 1968, TCS has played a pioneering role in India’s IT industry. Initially serving national banks, it has grown into a major player with over 600,000 employees and a market capitalization exceeding $200 billion. As a public company since 2004, TCS has witnessed significant success, notably in e-governance, banking, financial services, telecommunications, education, and healthcare. A subsidiary of Tata Sons, a prominent

Indian holding company, TCS operates across diverse industries such as accounting, capital markets, insurance, HR, payroll, retail, business intelligence, pharmaceuticals, clinical trials, and IT services. TCS’s extensive portfolio includes offerings in enterprise resource planning, analytics, the Internet of Things, machine learning, and business automation. Leveraging its vast experience and expansive global reach, TCS continues to be a key player in shaping the trajectory of the IT industry.

Tata Consultancy Services (TCS) is committed to fostering societal improvement through its Corporate Social Responsibility (CSR) initiatives, encapsulated in a comprehensive CSR policy. The CSR vision and mission of TCS revolve around creating ‘Generational Improvement’ at various levels, aiming for substantial societal impact. The strategic CSR focus areas include education, skilling, employment, entrepreneurship, basic health and wellness, and water, sanitation, and hygiene (WASH). TCS emphasizes building deep and proactive partnerships with communities through multi-year programs that empower individuals, especially youth and marginalized groups, by creating employment and livelihood opportunities. The CSR model leverages TCS’s intellectual, human, technology, and financial capabilities to implement innovative solutions, scale programs, and engage its large employee base for volunteering efforts. The initiatives align with the United Nations’ Sustainable Development Goals (UN SDGs) and adhere to TCS’s Affirmative Action policy.

The CSR project selection framework prioritizes strategic, multi-year programs aligned with TCS’s vision and focus areas. The company employs a proactive engagement model that encompasses intellectual, human, technological, and financial capital. Monitoring and reporting mechanisms ensure the impact of CSR programs is evaluated and communicated effectively. TCS’s CSR policy emphasizes ethical conduct in line with the Tata Code of Conduct and compliance with local CSR policies and procedures in the countries it operates. The policy undergoes periodic reviews to align with regulatory changes and evolving societal needs. Through these initiatives, TCS strives to bridge opportunity gaps, promote inclusive growth, and contribute to positive societal transformation in line with its vision for ‘Generational Improvement.’

4. HDFC Bank Ltd.

Average CSR Spending: 465.31 INR Cr.

HDFC Bank is a prominent private bank in India, established in 1994 and recognized as one of the first private sector banks approved by the Reserve Bank of India (RBI). The bank operates through a vast network, boasting 8,086 branches and 20,688 ATMs/Cash Recycler Machines across 3,836 cities and towns as of December 2023.[5] HDFC Bank’s extensive services cater to a diverse clientele, encompassing retail and corporate segments. In its Retail Banking segment, HDFC Bank focuses on individuals, salaried professionals, micro and small businesses, NRIs, and more. It excels in products like Auto Loans, Personal Loans, and Credit and Debit cards. The bank’s Wholesale/Corporate Banking division targets large corporates and multinational corporations, providing a spectrum of commercial and transactional banking services, including structured solutions and advisory services. HDFC Bank’s presence extends to the Home Loan/Mortgages business, strengthened post the merger with HDFC Limited. The Commercial and Rural Banking (CRB) Group caters to MSMEs, emerging corporates, and rural segments, while the Treasury manages the bank’s cash/liquid assets and investments. With a mission centred around excellence, customer focus, product leadership, and sustainability, HDFC Bank remains a key player in India’s banking landscape.

HDFC Bank’s Corporate Social Responsibility (CSR) policy reflects a commitment to sustainable development, encompassing environmental, social, and governance considerations. The policy, aligned with the core value of ‘Sustainability,’ outlines the bank’s approach to building relationships with stakeholders for the common good.

The primary purpose of HDFC Bank’s CSR initiatives is twofold: to contribute to the social and economic development of communities, especially those at the bottom of the pyramid, and to minimize the negative impact of its operations on the environment. The bank aims to achieve these goals by implementing programs and projects that focus on sustainable livelihood initiatives, financial literacy, education, skill training, healthcare, sanitation, environmental sustainability, poverty eradication, rural development, innovation, contribution to specified funds, and promotion of sports. Under the governance framework, the CSR Committee, comprising three or more directors, including at least one independent director, oversees the bank’s CSR and environmental, social, and governance (ESG) strategies. The Board, through the CSR Committee, formulates an annual action plan in line with CSR policies, ensuring proper implementation and monitoring of CSR activities. The CSR budget

is set at 2% of the average net profits from the preceding three years,[6] with the Board approving the overall amount committed to CSR initiatives. The bank emphasizes responsible spending, limiting administrative overheads to 5% of total CSR expenditure and ensuring that expenses on impact assessment studies do not exceed 2% of the total CSR expenditure. HDFC Bank’s CSR initiatives are diverse, addressing critical societal needs and fostering inclusive growth. The bank’s focus on empowering marginalized communities, promoting education and healthcare, and contributing to environmental sustainability exemplifies its dedication to making a positive impact on society. The policy emphasizes transparency, legal compliance, and regular reporting, reflecting HDFC Bank’s commitment to responsible and ethical corporate citizenship.

5. Indian Oil Corporation Ltd.

Average CSR Spending: 426.57 INR Cr.

Indian Oil Corporation Limited (IndianOil) stands as a diversified and integrated energy major, holding a prominent position in various sectors, including oil, gas, petrochemicals, and alternative energy sources. As of 2023, it has secured the 94th rank in the Fortune 500 list, showcasing its significance as India’s highest-ranked Energy PSU. In the financial year 2022-23, India recorded impressive figures, with Revenue from Operations amounting to ₹9,34,953 Crores and a net profit of ₹8,242 Crores.[7] With a vast customer interface, IndianOil boasts one of the largest marketing networks in India, reaching every nook and corner of the country through over 58,000 customer touch-points. The corporation’s extensive infrastructure includes 70.05 MMTPA of refining capacity, more than 15,000 KM of cross-country pipelines, and over 34,000 fuel stations. IndianOil plays a crucial role in fueling the dreams and aspirations of millions of Indians daily. Noteworthy initiatives by IndianOil include its involvement in City Gas Distribution (CGD), leading the Govt of India’s SATAT (Sustainable Alternative Towards Affordable Transportation) scheme, and establishing itself as a key player in the green energy sector with solar and wind capacities.

IndianOil’s Corporate Social Responsibility (CSR) initiatives reflect a deep commitment to community welfare and environmental sustainability. With a CSR legacy spanning 29 years and a contribution of Rs.3,611 crore[8], IndianOil focuses on diverse areas such as safe drinking water, healthcare, education, rural development, environmental sustainability, and empowerment of women and marginalized groups. One noteworthy initiative is the Intercontinental Rehabilitation of Cheetah project, which aims to restore the cheetah population in India. Partnering with the Ministry of Environment Forests and Climate Change, IndianOil contributes Rs.50.22 crore over three years to support the introduction, habitat management, protection, eco-development, staff training, and veterinary healthcare for the cheetahs at Kuno National Park, Madhya Pradesh. In the healthcare sector, IndianOil’s Intensified Tuberculosis (TB) Elimination Project aids the Central TB Division in states like UP, Chhattisgarh, Uttarakhand, Maharashtra, and Haryana. By providing molecular diagnostic machines and handheld X-rays, IndianOil contributes to the goal of reducing TB incidence and mortality. Addressing the rising cancer cases in India, IndianOil supports cancer care initiatives, contributing Rs.66.0 crore towards the phase-II expansion of Tata Medical Centre at Kolkata and providing cancer care equipment to various hospitals. Moreover, IndianOil’s CSR extends to education through projects like ‘IndianOil Vidushi,’ offering coaching and mentoring to underprivileged girls for engineering entrance examinations. Additionally, the establishment of skill development institutes, collaboration with educational institutions like the Institute of Chemical Technology, Mumbai-IndianOil Odisha Campus, and initiatives like ‘IndianOil Aarogyam’ showcase the commitment to education and healthcare. Through innovative projects like remote pilot training for transgender persons and sustainable models like the Fodder Bank and Integrated Pottery Development, IndianOil’s CSR initiatives contribute to immediate social needs and aim for long-term community empowerment and environmental sustainability.

These companies have consistently demonstrated a commitment to Corporate Social Responsibility (CSR) activities over the specified period, making them notable contributors to societal well-being and development.

CONCLUSION

In conclusion, this study has successfully identified and analyzed the leading Indian companies based on their average CSR spending over the last five fiscal years. Companies such as Reliance Industries, ONGC, Tata Consultancy Services, HDFC Bank, and Indian Oil emerged as consistent contributors to social responsibility. The comparative analysis of their CSR policies revealed varying strategic priorities, indicating the diverse approaches these companies employ to address societal challenges. As these companies navigate the complex landscape of CSR, their commitment to making a positive impact on communities is evident. This research contributes valuable insights for stakeholders, highlighting evolving trends in CSR practices and underscoring the importance of corporate contributions to societal well-being. The findings serve as a foundation for continued exploration and refinement of CSR strategies within the Indian corporate context.

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[1] Retail markets: Telecom: Petroleum Refining & Marketing: Petrochemicals: Hydrocarbon exploration & production: Jio 4G: Reliance shares (2023) Reliance Industries Limited. Available at: https://www.ril.com/about/our-history (Accessed: 12 January 2024).

[2] Thacker, H. (2023) ‘CSR Spending of Rs. 1271 Cr. in FY 23, Says Mukesh Ambani in Reliance AGM 2023’, The CSR Journal [Preprint]. Available at: https://thecsrjournal.in/csr-report-reliance-industries-limited/ (Accessed: 12 January 2024).

[3] ONGC – history – en (2023) en. Available at: https://ongcindia.com/web/eng/about-ongc/history (Accessed: 12 January 2024).

[4] Brief outline on CSR policy of the company. – ONGC (2023) ONGC. Available at: https://ongcindia.com/documents/77751/1767704/1911_csr_annexure_2.pdf/70e5e1de-47e2-2ed6-c075-d20464906b8a (Accessed: 12 January 2024).

[5] About us – who we are – HDFC bank (2023) HDFC Bank. Available at: https://www.hdfcbank.com/personal/about-us/overview/who-we-are (Accessed: 12 January 2024).

[6] Annexure A – CSR Policy – HDFC Bank (2023) HDFC Bank. Available at: https://v.hdfcbank.com/content/dam/hdfc-aem-microsites/csr/pdfs/CSR_Policy.pdf (Accessed: 12 January 2024).

[7]  About IndianOil (2023) About us – IndianOil | Oil and Gas Company in India. Available at: https://iocl.com/about-indianoil (Accessed: 12 January 2024).

[8] IndianOil for Community (CSR) (2023) IndianOil. Available at: https://iocl.com/pages/csr-overview (Accessed: 12 January 2024).

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