Demonstrating its commitment to the socio-economic development of society, Tata Group Company – Tata Consultancy Services (TCS) has invested ₹663 crores on various sustainable development programmes in the fiscal year 2020-21, against its prescribed CSR expenditure. The average net profit of the company for the year was ₹30,003 crores, a recent annual report of the company stated.
According to section 135 of the Companies Act, 2013, amount required to be spent by the Company during the years ended March 31, 2021 and 2020 is ₹663 crore and ₹600 crores, respectively, computed at 2% of its average net profit for the immediately preceding three financial years, on CSR.
Tata Group Company, a global leader in technology and consultancy, incurred an amount of ₹674 crore and ₹602 crores during the years ended March 31, 2021 and 2020, respectively, towards CSR expenditure for purposes other than construction or acquisition of any asset.
A skilled team executes the CSR initiatives of the Company and ensure impact-focused implementation, monitoring, and reporting. Successful adoption of programs is evidenced by the following impact achieved in its strategic programs.
A total of 23,800 rural youth were employed through Youth Employment Program, through Youth Employment Program and 1.07 million individuals, including over 70,000 prison inmates, made literate though the Adult Literacy Program.
Besides, TCS has been conducting internal impact assessments to monitor and evaluate its strategic CSR programs. The Company takes cognizance of sub-rule (3) of rule 8 of the Companies CSR Policy Rules 2014 and has initiated steps to conduct impact assessment of CSR projects through an independent agency. There are no projects undertaken or completed after January 22, 2021, for which the impact assessment report is applicable in FY 2021.
TCS' vision is to empower communities by connecting people to opportunities in the digital economy and mission is to build inclusive, equitable and sustainable pathways for all including youth, women and marginalized communities.
TCS seeks to help people and communities bridge the opportunity gap by focusing on education, skill development, entrepreneurship and employment. The Company also works on health, wellness, water, sanitation and hygiene needs of communities, especially from the marginalized section. In addition, it supports conservation and relief efforts to communities at the time of natural and man-made disasters. It has also been consistent on preserving art and heritage, besides working on climate change.
By prioritising the needy communities, the Company's CSR strategy incorporates an inclusive approach into the design of every program. In India this is aligned to its support of the Government of India's Affirmative Action Policy and the Tata Group's Affirmative Action Program.
TCS leverages the best of the Company's capabilities – its intellectual, technology, human and financial capital to achieve the transformational impact. It also aims to create innovative solutions to societal challenges applying its contextual knowledge while harnessing the expertise of a diverse network of leaders; execute and scale programs using its technology capabilities; engage its large employee base to volunteer their time, skills and expertise as last-mile connectors and make impact investments in large scale, sustainable, multi-year programs that empower communities.
TCS Foundation, a Section 8 company incorporated in 2015 with sole objective of carrying on Corporate Social Responsibility (CSR) activities of the Company, has held four meetings during the FY 2021.