By Business India Editorial

India Inc appears set to spend all or most of its corporate social responsibility (CSR) kitty for the year on combating the Covid-19 pandemic, be it through contribution to the PM CARES Fund, other relief funds, distribution of food, masks, personal protective equipment for healthcare workers, or relief material to the needy, says a note by ratings agency Crisil.

In less than two months through 15 March 2020, 84 companies (including support through the corporate group) had spent about Rs7,500 crore on causes that can be classified as CSR spend. Private sector companies, public sector undertakings and foreign companies too, have contributed proportionately to their share.

According to a report by IndiadataInsights, the average annual CSR spend in India is around Rs15,000 crore. An estimated CSR funding of around Rs3,500-4,000 crore may remain available to regular CSR projects through NGOs as compared to around Rs7,500 crore available previously.

Business India had reported on 11 May that several Indian companies had contributed to the PM Cares Fund. This included Rs500 crore from Reliance Industries and another Rs500 crore from the Tata Group. Engineering and project management company Larsen and Toubro chipped in Rs150 crore.

"Public sector companies that have an average annual CSR budget of Rs3,000 crore have donated more than Rs2,500 crore to PM Cares and have set aside another Rs18-20 crore for COVID relief," notes the IndiadataInsights report.