Assessment of Corporate Social Responsibility-Fueled Skill Development Endeavors: India's Top Ten Initiatives (2019-2020)

Abstract

This abstract examines the transformative influence of the top ten Corporate Social Responsibility (CSR)-driven skill development initiatives in India during 2019 – 2020. Through an evaluative lens, this study analyzes the multifaceted impacts of these initiatives on individual skill enhancement, socio-economic empowerment, and community development. This abstract aims to provide a nuanced understanding of the pivotal role played by CSR-driven skill development initiatives in fostering inclusive growth and empowering communities in India. During the financial year 2019-20, Indian Oil Corporation Limited (IOCL) demonstrated a commitment to Corporate Social Responsibility (CSR) by allocating a total expenditure of 150.59 Crore INR for various projects. Notably, the company exceeded the prescribed CSR amount, reaching 543.38 Crore INR. Similarly, Maruti Suzuki India Limited invested 36.78 Crore INR in CSR initiatives, surpassing the prescribed CSR of 166.6 Crore INR. Oil India Limited dedicated 27.84 Crore INR to CSR projects, exceeding the prescribed CSR of 55.67 Crore INR. Asian Paints, REC Limited, and Mahindra and Mahindra Limited also contributed significantly to CSR, with expenditures of 26.07 Crore INR (against 57.51 Crore INR prescribed), 23.29 Crore INR (against 156.68 Crore INR prescribed), and 22.81 Crore INR (against 106.56 Crore INR prescribed), respectively. ITC Limited directed 16.91 Crore INR towards CSR, falling short of the substantial prescribed CSR of 326.17 Crore INR. Berger Paints Limited, Dr. Reddy’s Laboratories Limited, and Tata Chemicals Limited allocated 16.79 Crore INR (against 13.48 Crore INR prescribed), 13 Crore INR (against 24.49 Crore INR prescribed), and 10.24 Crore INR (against 21.39 Crore INR prescribed), respectively, to fulfill their CSR obligations. These figures underscore the diverse CSR commitments of these companies and highlight variances between actual expenditures and prescribed CSR amounts.