Oil PSUs Exceed CSR Norms Amid State Challenges

State-owned oil companies have exceeded CSR norms by spending 4% of net profits, according to Union Oil Minister Hardeep Singh Puri. Challenges such as regional impediments hinder investments. Discussion also touched on the PM Vishwakarma Scheme's low uptake in certain states.

State-owned oil companies have exceeded the corporate social responsibility (CSR) spending norm, investing 4% of their net profits, as opposed to the mandated 2%, over the past three years. This revelation was made by Union Oil Minister Hardeep Singh Puri during a session in the Rajya Sabha.

Puri highlighted that oil public sector undertakings (PSUs) have invested nearly Rs 4,000 crore in CSR activities during this period. He further explained that if an oil marketing company fails to meet its 2% obligation, it has the option to carry over the shortfall to subsequent years.

The Minister also pointed out the challenges faced by these companies, including resistance and regulatory hurdles in certain states, which affect exploration efforts and CSR initiatives. Additionally, issues like difficulties in laying transportation pipelines were discussed, with specific mention of stalled progress in investment projects in West Bengal.

(With inputs from agencies.)