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Indian companies are spending more and more on philanthropic efforts.
A survey of 185 companies by accounting and consulting firm Deloitte found that 25% of them spend more than $100 million a year on corporate social responsibility (CSR) initiatives, with 50% of those companies reporting an annual spend of more than $100 million, the Times of India reports.
"CSR has evolved from a compliance function to a strategic driver of corporate strategy, now prominently featured on boardroom and investor agendas," says Sumeet Salwan, a partner at Deloitte India.
The survey found that 80% of the companies surveyed now view CSR as a critical element in their overall strategy, and half of those companies cited technology as one of the biggest challenges.
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