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When it comes to giving back to the communities in which they operate, India's companies are in a race against time to up their game.
A new survey from Deloitte finds that just 28% of companies in the country feel "very prepared" to do so, per the Times of India.
The survey of 185 companies found that 25% of them spend more than $100 million a year on corporate social responsibility (CSR) initiatives, and more than half are "re-evaluating their CSR strategies" due to changes in disclosure requirements and local and global regulations, per the Times.
"The growing trend in CSR expenditure is a testament to it becoming an indispensable component of India's development narrative, catalysing societal progress," says Sumeet Salwan, a partner at Deloitte India.
What's more, more than one-third of companies say they plan to invest in technology to help with CSR initiatives, per the survey.
Amit Tandon, a partner at Deloitte India, adds that AI and big data are "crucial for the evolving CSR sector" and companies should "embrace knowledge sharing, collaboration, and training programs and solutions for the effective implementation, execution, and monitoring of CSR initiatives."
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