Corporate Social Responsibility (CSR) stands as a cornerstone in Uttar Pradesh’s developmental narrative, strategically aligned with the unique needs of the state. Governed by Section 135 of the Companies Act, 2013, along with Schedule VII of the Act and Companies (CSR Policy) Rules, 2014, it states that India has instituted a robust framework to guide CSR initiatives, ensuring corporations contribute meaningfully to societal development and environmental sustainability.
India, with its intricate CSR mechanism and implementation strategy, positions itself to set a benchmark among large economies for achieving sustainability goals and fostering stakeholder activism in nation-building. Uttar Pradesh, embracing the power of partnerships with corporates and individuals, actively realizes its vision for sustainable prosperity by overcoming development challenges in agriculture, healthcare, livelihood, education, skill, and women’s empowerment. The CSR ambit in the state transcends a mere regulatory requirement, serving as a catalyst for positive change.
The state’s commitment to CSR is evidenced by recognizing corporate partnerships as essential for achieving milestones across various sectors. The legislative mandate empowers Uttar Pradesh to leverage CSR initiatives as a unique knowledge base, contributing significantly to the nation’s growth and development.
Acknowledging the importance of collaboration with corporates and individuals, Uttar Pradesh strives to attain its vision for sustainable prosperity. The state’s dedication to setting milestones in different sectors underscores the substantial impact well-designed CSR initiatives can have on the lives of its people. By fostering a culture of responsible corporate citizenship, Uttar Pradesh actively participates in the nation’s journey towards sustainable development.
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Companies Eligibility for CSR
CSR Criteria as per the Section 135 of the Companies Act 2013:
- Every company having net worth of INR 500 crore or more, or turnover of INR 1000 crore or more or a net profit of INR 5 crore or more during any financial year shall constitute a Corporate Social Responsibility Committee of the Board.
CSR Committee provision:
- With more than 3 directors out of which at least 1 director shall be independent director.
CSR expenditure limit:
- Company to spend, in every financial year, at least 2% of the average net profits of the company made during the three immediately preceding financial years, in pursuance of its Corporate Social Responsibility Policy.