More firms in India complying with CSR norms under Companies Act: Report

CSR-related disclosures need to be made in the annual report in the format prescribed by the Act

More companies in India are complying with corporate social responsibility norms under the Companies Act, 2013, with 76 per cent firms having spent 2 per cent or more of their profits on such initiatives during 2019, according to a report.
 
The findings of the ‘India CSR Reporting Survey 2019’, compiled by KPMG in India, that covered 100 companies also revealed a 150 per cent rise in the number of firms that have committed to carry forward 2 per cent of the unspent amount.
 
The Companies Act which came into effect from April 1, 2014 stipulates that firms with