SRINAGAR: Corporate Social Responsibility (CSR) spending in Jammu and Kashmir has recorded a sharp rise over the past three financial years, according to data presented by the Ministry of Corporate Affairs in the Lok Sabha today.
CSR contributions in the Union Territory increased from Rs 50.68 crore in 2021-22 to Rs 72.19 crore in 2022-23, and further to Rs 98.54 crore in 2023-24, reflecting a growing focus of corporate entities on developmental and welfare initiatives in the region.
CSR initiatives in India are driven by company boards under the Companies Act, which empower boards to plan, execute, and monitor activities recommended by their CSR committees. While the law encourages companies to give preference to the local areas in which they operate, expenditure in specific locations is not mandatory. Nonetheless, the rising allocations in Jammu and Kashmir indicate enhanced corporate engagement in supporting communities and social development in the Union Territory.
Funds are directed toward activities outlined in Schedule VII of the Companies Act, including health, education, rural development, and environmental sustainability. CSR committees are responsible for formulating policies and recommending projects that balance local needs with national priorities.
Nationally, CSR spending has also grown steadily, rising from Rs 5,789.58 crore in 2021-22 to Rs 6,960.21 crore in 2023-24. Jammu and Kashmir’s share, while modest, is on a clear upward trajectory, signaling increased corporate participation in the socio-economic development of the region.
The Ministry noted that while constituency-wise CSR data is not centrally maintained, the overall trend reflects growing corporate support for rural and semi-urban development, improved health and education infrastructure, and local community welfare in Jammu and Kashmir.
