Team News Riveting
Steel Authority of India Limited (SAIL)’s spending on the corporate social responsibility (CSR) head increased by 20 per cent in the year that was devastated by the global pandemic COVID-19.
The state-run steel maker had spent Rs 3479 lakh (Rs 34.79 crore) till December 2020 in the current fiscal; a major part of the year was affected by COVID-19 induced lockdown. The amount was about 20 per cent more as compared to Rs 2756 lakh (Rs 27.56 crore) spent by the company in the financial year 2019-20.
Union Minister for Steel Dharmendra Pradhan informed in a written reply in the Rajya Sabha that of the amount spent in the current fiscal, Rs 2810 lakh went only to the SAIL CSR projects undertaken under the healthcare head. The amount was almost four times more than last fiscal spending on the same head.
The volume of the spending, governed by the provisions under Section 135 of the Companies Act, 2013 and the Companies (Corporate Social Responsibility Policy) Rules, 2014, underlined SAIL’s share in combating the novel coronavirus in the country.
Besides, SAIL had spent Rs 248 lakh (Rs 2.48 crore) for the rural development projects and Rs 188 lakh (Rs 1.88 crore) for education under the CSR head during the period.
