AN EMPIRICAL STUDY ON THE

CORPORATE SOCIAL RESPONSIBILITY

OF INDIA’S
OIL & GAS (O&G) INDUSTRY

SHIVIN SANCHETI
Department of Business Administration
Roll No. – 73
Semester – VI (3rd Year)
Name of the Guide - Professor Rajni Gupta
St. Xavier’s College, Kolkata
APRIL, 2018

1
TABLE OF CONTENTS
Cover Page ……………………….………………………………………..…………….……... 1
Certificate of Completion and Declaration….………………………………..……...... 2-3
Table of Contents ……………………………………………………………………………… 4
Acknowledgement …………………………………………………………………………… 5
Abstract ………………….……………………………………………………....…………….… 6
1. Introduction

1.1. CSR- The Indian Scenario……….……………………………………..…….. 7-8

1.2. CSR in the Oil and Gas Industry ………..…………………………………. 9-10
1.3. CSR and the Indian Companies Act,2013 ……………...………………… 11
2. Objectives of the Study ….................................................................................... 12
3. Literature Review ……………..………………………………….….…………..... 13-14
4. Research Methodology

4.1. Introduction ……………….………………………………………………….. 15

4.2. Research Design ………………………...………………………………….… 15
4.3. Data collection Technique …………………………………………………… 15
4.4. Sample Size …..……………………………………………………..…...…….. 15
4.5. Justification for selection of sample ……..…………………………….….... 16
4.6. Period of Study ……………………………………………………………..…... 16
4.7. End references ………………………………...…………………………..…… 16
5. Data Analysis and Finding

5.1 CSR of ONGC…………………………………………………………………….. 17

5.2 CSR of Indian Oil……………………………………….………………………… 18
5.3 CSR of HPCL ……………………………………………………………………… 19
5.4 CSR of BPCL …………………………………………………………...………… 20
5.5 CSR of GAIL ……………………………………………………………………… 21
5.6 CSR Spending Performance of the selected companies ………….. 22-25

6. Conclusion

6.1 Interpretation…………………………………………………….…………….. 26
6.2 Limitations of the study ……………………………….……………………… 26
6.3 Scope for further Research …………………......………………………….. 26

7. Bibliography ………………...……………………….……………………………………27

4
ACKNOWLEDGEMENT
I have taken efforts in this project. However, it would not have been possible
without the kind support and help of many individuals and organizations. I would
like to extend my sincere thanks to all of them.

I would like to express my sincere gratitude to the Principal of the College-

Rev Fr. Dominic Savio, Vice-Principal – Rev. Fr. Peter Arockiam, Dean of Department
of Business Administration- Mr Sougata Banerjee, my Professor-in-charge project
guide - Professor Rajni Gupta for their guidance and constant supervision as well as
for providing necessary information regarding the project & also for their support in
completing the project.

And I would also like to thank my family and close friends who helped and
supported me through this process.

5
ABSTRACT
In recent years, Corporate Social Responsibility has got importance from all angles.
The societal marketing concept of companies is consistently progress and has given
rise to a new concept of Corporate Social Responsibility.

The oil and gas sector is among the six core industries in India and plays a major role
in influencing decision making for all the other important sections of the economy.
This particular paper tries to study the CSR spending of the top O & G companies,
performance, spending on CSR and to recommend suggestions for improving CSR
initiative by the companies.

It is wished that the report with its detailed analysis on specific activities of
Corporate Social Responsibility of O & G companies in India that will provide the
reader with insight and understanding of the scope of the CSR spend, and how
these activities are integrated by the companies in India.

6
INTRODUCTION
Corporate social responsibility is a concept of 21st century where the role and
objective of the corporate is not just to earn the profits but also, giving back to the
society in one way or the other. Managers have devoted significant responsiveness
to the proper implications of corporate social responsibility (CSR).

Top Board members are devoting their lot of time and energy for framing the
regulations relating to corporate social responsibility for their company to which
they adhered to. Now it has become a board room agenda. Corporate social
responsibility could be understood as a concept whereby a corporate does over
and above for what they are supposed to do as per the present legal compliance.

Corporate Social Responsibility has emerged as a business approach for addressing

the social and environmental impact of company activities. Companies from the oil
and gas sector have been at the centre of CSR development. With increasing
expectations placed on business, one needs to ask if CSR is able to fulfil these larger
expectations.

From a historical perspective, CSR is simply the latest manifestation of earlier

debates as to the role of business in society. What is new, according to Fabig and
Boele is that “today’s debates are conducted at the intersection of development,
environment and human rights, and are more global in outlook than earlier in this
century or even in the 1960s”

Indian entrepreneurs and business enterprises have a long tradition of working

within the values that have defined our nation's character for millennia. India's
ancient wisdom, which is still relevant today, inspires people to work for the larger
objective of the well-being of all stakeholders. These sound and all-encompassing
values are even more relevant in current times, as organizations grapple with the
challenges of modern-day enterprise, the aspirations of stakeholders and of citizens
eager to be active participants in economic growth and development.

Corporate Social Responsibility is a Company's commitment to operate in an

economically, socially and environmentally sustainable manner, while recognizing

7
the interests of its stakeholders. This commitment is beyond statutory requirements.
Corporate Social Responsibility is closely linked with the practice of Sustainable
Development. Corporate Social Responsibility extends beyond philanthropic
activities and reaches out to the integration of social and business goals

CSR - THE INDIAN SCENARIO:

Corporate Social Responsibility in India is finally a “reality” in India. Now, Indian

corporates have realized that they have to look not only at the economic
dimension of the company, but also at its ecological and social impact, which are
the three pillars of CSR. To become a planned strategy integral to business success,
Indian companies have lot of catching up to do. CSR is also linked to the broader
issue of “Corporate Governance”. Presently, Indian companies have to take a
closer look at CSR and link it to corporate governance, if they really want to make a
mark in all the three pillars of CSR.

According to a recent pilot survey by CII in Tamil Nadu, (Express Buzz) only 40 per
cent of the companies practice CSR initiatives. The survey highlighted that a
majority of the companies did not take CSR seriously and those who did, they are
doing it only with a philanthropic frame of mind. The survey also revealed that more
than 50 per cent of the companies made their employee welfare activities as part
of their CSR initiative, not really contributing to an outside community or its
development. Sustainable CSR programmes mean a consistent mix of economic,
legal, ethical and philanthropic tenets. In today's changed business scenario, there
is an increased focus on giving back to society and creating a model which works
long term and is sustainable. It is imperative that the best practices for inclusive
growth are shared with the stakeholders.

8
Benefits of CSR for Indian companies:-

1. Enhanced Brand Image and Goodwill: The term CSR is very powerful in India and
it is helping the Indian companies to enhance their brand image and the goodwill
of their company. Customers do more trust only on those companies which are
socially responsible. Today due to competition in market place it is very tough to
build goodwill but CSR is the helping tool towards this.

2. Increased sales: Indian companies are facing high competition to their local
competitors and foreign as well. It has become very difficult for Indian companies
to increase their sales due to globalization and economic liberalizations. The
companies which undertake pollution free production and protect the
environment, products not tested on animals, undertake legal activities etc. getting
good response from customers and secure the larger sales.

3. Easier access to capital: The very important benefit of CSR to Indian companies is
easier access to capital. The companies which are involved in CSR activities are
more trustworthy in the eyes of financing agencies and investors.

CSR IN OIL AND GAS INDUSTRY:

The nature of an industry determines the CSR concerns also the social concerns are
highly diverse between different industries. The concerns may vary between
countries, but the key concerns related to an industry’s operations are typically
shared in most countries, and this is no different in the oil and gas sector. The oil and
gas sector has been among the leading industries in championing CSR. This is at
least partly due to the highly visible negative effects of day-to-day operations such
as oil spills and the resulting protests by civil society groups and indigenous people.

The exact nature of CSR is understood in different ways, with differences in

understanding or representation of the concept relatable to different paradigms
and concerns. Although there are several contested notions of what CSR should be
and how it should work, there is some agreement upon what it broadly entails.

9
Since April 2014, India's largest companies have been mandated to spend two
percent of their average profit from the last three years on social development
activities.

Final reports of the first year of mandatory CSR spending came with the Energy
industry (Oil, Gas and Power) had the highest CSR spend obligation at INR 2181
crore. Additionally, ONGC, an O&G public sector company, had the second-
largest CSR spend in India with INR 495 crore (the largest being from Reliance
Industries) in the year 2014-15. Thus, the sector has a huge impact on shaping CSR
as whole in India. Thus, we have a keen interest in understanding trends within the
sector.

10
CSR and Indian Companies Act, 2013-

With effect from April 1, 2014, every company, private limited or public limited,
which either has a net worth of Rs 500 crore or a turnover of Rs 1,000 crore or net
profit of Rs 5 crore, needs to spend at least 2% of its average net profit for the
immediately preceding three financial years on corporate social responsibility
activities. The CSR activities should not be undertaken in the normal course of
business and must be with respect to any of the activities mentioned in Schedule VII
of the 2013 Act. Contribution to any political party is not considered to be a CSR
activity and only activities in India would be considered for computing CSR
expenditure.

The net worth, turnover and net profits are to be computed in terms of Section 198
of the 2013 Act as per the profit and loss statement prepared by the company in
terms of Section 381 (1) (a) and Section 198 of the 2013 Act. While these provisions
have not yet been notified, is has been clarified that if net profits are computed
under the Companies Act, 1956 they needn't be recomputed under the 2013 Act.
Profits from any overseas branch of the company, including those branches that
are operated as a separate company would not be included in the computation
of net profits of a company. Besides, dividends received from other companies in
India which need to comply with the CSR obligations would not be included in the
computation of net profits of a company.

The CSR Rules appear to widen the ambit for compliance obligations to include the
holding and subsidiary companies as well as foreign companies whose branches or
project offices in India fulfil the specified criteria. There is a need for clarity with
respect to the compliance obligations of a company as well as its holding and
subsidiary companies.

11
OBJECTIVES OF THE STUDY

1. To study and analyse the CSR spend of the Oil & Gas (O&G)
Industry, with a focus on 5 of the top O&G companies in India.
2. To understand the contributions made by the Indian O&G
companies towards the society as part of CSR activities with a
keen interest in understanding the trends within the sector.

12
LITERATURE REVIEW
Dhond Arvind, Assistant Professor, St. Xavier’s College Mumbai (2008) -
CORPORATE SOCIAL RESPONSIBILITY OF INDIAN BUSINESS HOUSES

In this paper, social responsibility implies what business does over and above the
statutory requirement for the benefit of the society. The term corporate citizenship is
also commonly used to refer to the moral obligations of the business towards the
society. The objective of this study is to know about the efforts done by Indian
business houses in relation to their social responsibility.

Hurratul Maleka Taj, MBA, NMIMS, Mumbai (2011) –

CORPORATE SOCIAL RESPONSIBILITY, SUSTAINABLE DEVELOPMENT: PERFORMANCE
MEASURES AND INDICATORS

This research paper is an effort to understand the symbiotic relationship between

economic and social performance. It also presents the challenges associated with
it and the benefits of the CSR along with sustainable development measures being
undertaken by corporate sector.

Lokaranjan Guha, Professor, EIILM, Kolkata (2011) –

CORPORATE SOCIAL RESPONSIBILITY RATING: INDIA FOCUS

This paper charts the road map of evolution of India Inc. It has scanned particularly
those companies who have crossed the various milestones of standard namely ISO
9000, ISO 14000, ISO 18000, environmental trustworthiness, safety and social
accountability etc. Then it investigates the role, the background framework and the
potentially of CSR ratings obtained from [Link] platform that may act as
suitable means to drive the industry further up the ladder of social responsibility.

Ms Nidhi Khurana, Asia Pacific Institute of Information Technology, Panipat (2011) –

STRATEGIC CORPORATE SOCIAL RESPONSIBILITY: CHALLENGING SUSTAINABLE
ACTIONS IN INDIA

The paper focuses on the reasons to analyse the strategic gap between CSR
implementation and CSR effectiveness and to identify the focused sectors where
sustainable actions of strategic CSR are required to create synergies in India. The
paper urges the Corporate not to look CSR as a non- profit activity in fact in the
long run, expenditure in CSR can help increase profitability.

13
Soheli Ghose, Assistant Professor, Department of Commerce, J.D. Birla institute,
Jadavpur University (2012) -
GLOBALIZATION OF CORPORATE SOCIAL RESPONSIBILITY FOCUSING ON INDIAN
MARKETS

This paper has studied the theoretical aspect of CSR including the Global Reporting
Initiative and CSR Legislation norms and globalization of CSR in India. In this paper
few specific cases of CSR activity and CSR violation in India have studied.

Dr. Arvind Jain, Senior Manager (SME), Axis Bank Ltd., Rajkot (2012)-
CORPORATE SOCIAL RESPONSIBILITY: AN EXPLORATIVE REVIEW

Many companies have established a corporate identity using CSR as a core activity
of their business, which has become a focal point of their success and competitive
advantage. The basic objective of this paper is to know the concept of corporate
social responsibility and review existing knowledge available in this area.

Omweno Nyameyio Enock & Dr. Kundan Basavaraji, Kuvempu University (2013) -
CORPORATE SOCIAL RESPONSIBILITY OF TATA AND ITC COMPANY: A COMPARATIVE
STUDY

This study compares the CSR activities of Tata Company and ITC Company on
different areas i.e. environmental friendliness, social accountability, employee’s
safety, human rights promotion and healthcare etc. The study also focuses on the
reporting methods used by these companies. From this study, it is observed that all
the two big private companies of the country are directly engaged in social
responsibility in various areas, from innovation in agriculture & education to saving
the environment.

14
RESEARCH METHODOLOGY
Introduction-
This chapter identifies how the research was done, and its aim is to describe the
research strategy and methods applied in this study, and to discuss their suitability
within the context of various research philosophies, models and methodological
approaches. This includes a general overview of the overall research philosophy
employed in carrying out the research, justification of the chosen approach,
provision of operational construct definitions and specification of their indicators,
and a discussion of the data collection and analysis methods.

Research Design-
The formidable problem that follows the task of defining the research problem is the
preparation of the design of the research project, popularly known as the “research
design”. Decisions regarding what, where, when, how much, by what means
concerning an inquiry or a research study constitute a research design. The
Research design used here is Descriptive.

Data collection technique-

Data-collection techniques allow us to systematically collect information about our
objects of study (people, objects, phenomena) and about the settings in which
they occur. Secondary data was collected mainly from Annual reports,
Sustainability reports, official websites of companies, reports of surveys by private
institutions and blogs on CSR

Sample Size-
Sample size determination is the act of choosing the number of observations or
replicates to include in a statistical sample. Five of the top Companies of the O&G
Industry have been selected -

i. Oil and Natural Gas Corporation (ONGC)

ii. Indian Oil Corporation Limited (IOCL)

iii. Hindustan Petroleum Corporation Limited (HPCL)

iv. Bharat Petroleum Corporation Limited (BPCL)

v. Gas Authority of India Limited (GAIL)

15
Justification of selection of Sample:
These selected companies are well established and having huge market share in
the O&G Industry in India. The selection is made on the following basis:

 These companies are listed in BSE and NSE.

 These companies are practicing CSR practices in different areas and some
have been awarded for CSR practices by FICCI, ASSOCHAM and Golden
Peacock Awards Committee, etc.
 These companies are among top 10 companies on the basis of turnover on
31st march 2017 in the Oil & Gas Industry in India.

Period of Study-
The data has been examined for the last three financial years, i.e., from 2014-15 to
2016-17

Research Tools/Tools of study-

Tables, bar graphs, Pie Charts.

End references-
The book used for reference in this chapter is Research Methodology: Methods and
Techniques by [Link] (3rd Edition) Publisher: NEW AGE (1 January 2014).

16
DATA ANALYSIS AND FINDINGS-
Oil & Natural Gas Corporation (ONGC)-
As a public sector enterprise, ONGC has a long and cherished tradition of
commendable initiatives, institutionalized programmes and practices of Corporate
Social Responsibility which have played a laudable role in the development of
several underdeveloped regions of the country. The CSR initiatives of ONGC were
marked by unrelenting commitment to several large – scale key projects as well as
initiation of several new projects identified under the 12 focus areas of ONGC i.e.

 Education including vocational courses,

 Health Care,
 Entrepreneurship (self-help & livelihood generation) schemes,
 Infrastructure support near ONGC operational areas,
 Environment protection, ecological conservation, promotion,
 Protection of heritage sites, UNESCO heritage monuments etc.
 Promotion of artisans, craftsman, musicians, artists etc. for preservation of
heritage, Art & Culture,
 Women’s Empowerment, Girl Child Development, Gender sensitive projects,
 Water Management including ground water recharge,
 Initiatives for Physically and Mentally challenged,
 Sponsorship of seminars, conferences, workshops etc.
 Promoting Sports/sports persons; supporting agencies promoting sports /
sports persons.

CSR Spending of the past 3 financial years-

2014-15 2015-16 2016-17

Prescribed CSR 660.61 C 593.70 Cr 535.66 Cr

Actual CSR 495.23 Cr 419.06 Cr 525.90 Cr

17
Indian Oil Corporation Limited (IOCL)-
IndianOil has been engaging in various activities to up-lift the conditions of the
people living in neighbourhood of its units/ installation since 1964. The core thrust
areas of IndianOil Sustainability & CSR initiatives fall under Schedule VII to
Companies Act, 2013. The activities are undertaken in vicinity of our business units
and for stakeholders in value chain of corporation’s business. Also, activities are
undertaken in backward areas, and for underprivileged sections of society, St/ SC/
OBCs and PWDs with sole intention of nation building.

CSR Progression: IndianOil has increased the contribution towards CSR activities with
time. The budget for CSR has gradually increased from 0.5% of previous year’s Net
Profit (which was in place since 1991) to 2% of previous year’s Retained Profit (from
2009 onwards). With promulgation of Companies Act, 2013 and rules thereof,
IndianOil has aligned its CSR activities and polices as per the Act.

IndianOil Sustainability Initiatives: Sustainable development is the only way forward

for growing economies like India and IndianOil, views this responsibility with utmost
commitment. Though these initiatives are not funded through CSR budget, but are
supportive in development of communities at large. Energy conservations are one
of the major initiatives of corporation. It shall help in redistribution of resources and
providing a greener environment to the community.

CSR Spending of the past 3 financial years-

2014-15 2015-16 2016-17

Prescribed CSR 113.40 Cr 161.11 Cr 212.67 Cr

Actual CSR 113.79 Cr 156.68 Cr 213.99 Cr

18
Hindustan Petroleum Corporation Limited (HPCL)-
CSR Objectives

HPCL will focus its CSR activities on local communities around which the Company
lives and operates like Refineries, Terminals, Depots, LPG Plants, Pipelines, Aviation
Stations, Lube Blending Plants, Project locations and other offices, etc. HPCL is
committed to allocate at least 60% of the CSR Budget for these local communities.

HPCL will implement CSR activities to empower weaker, less privileged and
marginalized sections of the society to create Social Capital.

The corporation’s CSR focus areas are inspired from national developmental
policies and international commitments of nation for development of children,
women and weaker sections. HPCL CSR focus areas are based on inspiration from
legislations on Child Rights, Child Development and Education, National Health
Policy and National Health Missions, Health Care in India- Vision 2020, National Skill
Development Mission, and policies on community / rural development.

All projects/programs/ activities will be in the areas of:

 Child Care
 Education
 Health Care
 Skill Development
 Sports
 Environment & Community Development

CSR Spending of the past 3 financial years-

2014-15 2015-16 2016-17

Prescribed CSR 34.0 Cr 71.76 Cr 108.11 Cr

Actual CSR 34.1 Cr 71.76 Cr 108.11 Cr

19
Bharat Petroleum Corporation Limited (BPCL)-
BPCL has the following three tier system in place for executing CSR projects:

 CSR projects being undertaken for stakeholders in the value chain of our
business
 The CSR projects are largely executed in and around our Business Units mainly
in the above mentioned thrust areas.
 Furthermore, certain initiatives are carried out in rural or tribal areas for
backward, underprivileged, SC / ST/ OBC population as well. These are with
the sole intention of nation building.

Earmark up to 5% of total CSR budget each year for capacity building of

employees as well as CSR implementation partners through institutions with well-
established track record of at least three financial years. The CSR expenditure shall
include contribution to corpus (as the case may be), subject to approvals.

Execution of CSR Projects:

 For execution of CSR programs/ projects/ activities the agency must be a

registered society, trust, company or any specialized agency having
minimum three years of experience post registration in handling activities of
similar nature.
 For empaneling such organisations, there is a due diligence process in place
 A third party assessment of projects is also carried out.

CSR Spending of the past 3 financial years-

2014-15 2015-16 2016-17

Prescribed CSR 76.0 Cr 112.60 Cr 159.14 Cr

Actual CSR 34.0 Cr 95.59 Cr 90.98 Cr

20
Gas Authority of India Limited (GAIL)-
Objectives & Principles of GAIL India-

In alignment with vision of the company, GAIL, through its CSR initiatives, will
continue to enhance value creation in the society and in the community in which it
operates, through its services, conduct & initiatives, so as to promote sustained
growth for the society and community, in fulfilment its role as a Socially Responsible
Corporate, with environmental concern.

The objective of the GAIL CSR Policy is to:

 Ensure an increased commitment at all levels in the organisation, to operate

its business in an economically, socially & environmentally sustainable
manner, while recognising the interests of all its stakeholders.
 To directly or indirectly take up programmes that benefit the communities in
& around its Work Centre and results, over a period of time, in enhancing the
quality of life & economic well-being of the local populace.
 To generate, through its CSR initiatives, a community goodwill for GAIL and
help reinforce a positive & socially responsible image of GAIL as a corporate
entity.

CSR Spending of the past 3 financial years-

2014-15 2015-16 2016-17

Prescribed CSR 118.67 Cr 102.34 Cr 81.47 Cr

Actual CSR 41.36 Cr 104.82 Cr 92.16 Cr

21
CSR Spending Performance of the selected companies-

YEAR-2014-15

Name of the Total funds Funds Utilised % age of Funds

Company allocated for for CSR (Rs. In actually spend
CSR (Rs. In Crore)
Crore)
ONGC 660.61 495.23 75%
INDIAN OIL 113.40 113.79 100%
HPCL 34.0 34.1 100%
BPCL 76.0 34.0 45%
GAIL 118.67 41.36 34%

Bar Graph showing the Prescribed CSR VS Actual CSR

700

600

500

400

300

200

100

0
ONGC INDIAN OIL HPCL BPCL GAIL

Prescribed CSR Actual CSR

22
 YEAR-2015-16

Name of the Total funds Funds Utilised for % age of Funds

Company allocated for CSR (Rs. In actually spend
CSR (Rs. In Crore)
Crore)
ONGC 593.70 419.06 70%
INDIAN OIL 161.11 156.68 97%
HPCL 71.76 71.76 100%
BPCL 112.60 95.59 84%
GAIL 102.34 104.82 102%

Bar Graph showing the Prescribed CSR VS Actual CSR

700

600

500

400

300

200

100

0
ONGC INDIAN OIL HPCL BPCL GAIL

Prescribed CSR Actual CSR

23
 YEAR-2016-17

Name of the Total funds Funds Utilised % age of Funds

Company allocated for for CSR (Rs. In actually spend
CSR (Rs. In Crore)
Crore)
ONGC 535.66 525.90 99%
INDIAN OIL 212.67 213.99 100%
HPCL 108.11 108.11 100%
BPCL 159.14 90.98 57%
GAIL 81.47 92.16 113%

Bar Graph showing the Prescribed CSR VS Actual CSR

600

500

400

300

200

100

0
ONGC INDIAN OIL HPCL BPCL GAIL

Prescribed CSR Actual CSR

24
Analysis of the % Unspent on CSR by the selected companies-

2014-15

28%

72%

Actual CSR Spent Unspent CSR

2015-16

19%

81%

Actual CSR Spent Unspent CSR

2016-17

6%

94%

Actual CSR Spent Unspent CSR

25
CONCLUSION
Interpretation Based on the Findings-

 None of the companies spent more than the prescribed CSR budget except GAIL in
FY 2016-17.
 Bharat petroleum utilized only 63% of its funds allocated for CSR for the 3 years
combined.
 Indian Oil and Hindustan Petroleum were the only 2 companies to fully utilize their
funds allocated for all the 3 years.
 GAIL tried to over compensate its underutilization of 66% in the year 2014-15 by
spending more than the prescribed budget in the next two years.
 10% increase in the prescribed CSR budget from FY 2014-15 (beginning of the CSR
compliance)in FY 2016-17
 Reduction in % of unspent CSR from 28% in 2014-15 to only 6 % in the FY 2016-17.

In a nutshell, we can say that the on average, the O&G industry spent 1.5% of its net profits
on CSR, slightly missing its two percent target. Two O&G companies (Indian Oil and HPCL)
spent their exact CSR budget for all the 3 years. Given the magnitude of funds the sector
was obligated to spend, it was a great start after the mandate of the Indian Companies
Act, 2013, and a clear indication that companies are committed to CSR.

Limitations of the study-

When drawing the conclusion of this research few limitations were encountered.

 No primary data has been used in the study.

 The study is limited to only 5 companies and not the whole O&G sector.

 Data for the FY 2017-18 could not be collected.

Scope for Further Research –

A recommendation for future research in this field is to conduct the study with a larger
sample as larger sample will help in analysing the industry spend more accurately. Also, it
would be beneficial to conduct this study with the help of Primary data as it is more
reliable.

26
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