Indian sport gets a fillip as CSR expenditure sees significant rise

Corporate entities investing in promoting sports and building sporting infrastructure through Corporate Social Responsibility (CSR) funding has seen a spike in recent years, according to data released by the Ministry of Corporate Affairs.

- HT Correspondent

MUMBAI:

According to the latest data published on its website, 1200 companies spent a combined ₹526.14 crore in 2022-23 towards promoting sports through CSR investments, nearly double compared to the previous financial year (₹291.75 crore). A decade ago in the 2014-15, that figure was a little over ₹55 crore.

Earlier this year during a first-of-its-kind corporate roundtable, sports minister Mansukh Mandaviya stressed upon the importance of corporate support in building sports infrastructure and talent development programs as India makes a push to host the 2036 Olympics. The minister also proposed a model where a corporate entity adopts a particular sport. "Each corporate entity should focus on a single sport to ensure dedicated attention and optimal resource allocation, while also enabling effective athlete branding to align with CSR investments and promotional activities," Mandaviya said.