India Inc spent over Rs 1,600 crore on mitigating second COVID-19 wave: study
India Inc. has spent over Rs 1,600 crore combating the second wave of COVID-19 in the financial year 2020-21, a study said on Monday.
The study, comprising over 350 public listed companies conducted by CSR knowledge and impact intelligence platform, CSRBOX, stated that Indian companies launched over 750 corporate social responsibility initiatives in response to the second wave.
Around 57 percent of the CSR initiatives to combat the second wave of COVID-19 were targeted at direct beneficiaries – Covid-infected people, according to the report titled ''CSR Response to COVID 2.0''.
More than 400 of the corporate CSR initiatives to combat the second wave of infections were aimed at procuring medical supplies, ventilators and safety gear like PPE kits.
Image Credits: CSRBOX
The recent notification of the ministry of corporate affairs to include COVID-19 response and relief work under schedule VII of CSR catalysed CSR action to mitigate the impact of COVID-19. "Corporates have responded to COVID with great urgency and remarkable flexibility, fast-tracking CSR project approvals for the timely procurement of essential medical supplies, working in tandem with central, state governments and local agencies," CSRBOX Founder & CEO, Bhomik Shah, said.
The report found 35 percent of the interventions were implemented in Maharashtra, Gujarat, Karnataka, and Uttar Pradesh.
The support included over 200 oxygen plants, setting up of more than 75 makeshift hospitals and Covid wards with over 10,000 beds, 3,500 ventilators and 140,000 oxygen concentrators. Importantly, 33 companies contributed more than Rs 150 crore to conduct community awareness activities across 17 states, the report said.
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