India Inc Spent Over INR 1,600 Crore on Mitigating Second Covid-19 Wave: Study

In the financial year 2020-21, India Inc. spent over Rs 1,600 crore (US$ 217.02 million) battling the second wave of Covid-19, according to a report released on Monday. According to a research done by CSR information and impact analytics platform ‘CSRBOX’ on over 350 publicly traded businesses, Indian corporations implemented over 750 corporate social responsibility projects in response to the second wave.

According to the research titled ‘CSR Response to COVID 2.0,’ over 57% of CSR activities to combat the second wave of Covid-19 were focused at direct recipients – Covid-infected persons.

More than 400 business CSR efforts targeted towards obtaining medical supplies, ventilators, and safety equipment such as PPE kits to battle the second wave of illnesses.

The ministry of corporate affairs’ recent notice that COVID-19 reaction and relief activity will be included in schedule VII of CSR catalyzed CSR action to reduce COVID-19’s effect.

“Corporates have responded to COVID with tremendous urgency and surprising flexibility. They have fast-tracked CSR project approvals for the timely procurement of vital medical supplies, working in tandem with national, state governments, and local agencies,” CSRBOX Founder & CEO Mr. Bhomik Shah stated.

According to the study, Maharashtra, Gujarat, Karnataka, and Uttar Pradesh executed 35% of the interventions.

Over 200 oxygen plants, 75 temporary hospitals and Covid wards with over 10,000 beds, 3,500 ventilators, and 140,000 oxygen concentrators were among the resources provided.

According to the study, 33 firms donated more than Rs. 150 crore (US$ 20.34) to perform community awareness initiatives in 17 states.

Source: IBEF