Abstract

India’s mandatory corporate social responsibility framework requires eligible companies to translate a statutory spending obligation into approved programmes and reported expenditure. Yet a budget is not equivalent to implementation. This study evaluates CSR budgeting efficiency in four Maharatna central public sector enterprises-Oil and Natural Gas Corporation Limited, NTPC Limited, Steel Authority of India Limited, and Coal India Limited-over 2014-15 to 2023-24. A verified panel of 40 company-year observations was constructed from annual reports, CSR annexures, and official disclosures. Budgeting efficiency was assessed through allocation-expenditure gaps, cumulative and annual utilisation ratios, Pearson correlation, pooled ordinary least squares, company fixed-effects models with HC3 robust standard errors, Welch analysis of variance, and the Kruskal-Wallis test. The four enterprises jointly allocated Rs.9,740.52 crore and spent Rs.9,710.00 crore, producing aggregate utilisation of 99.69%. This near balance concealed marked company differences: NTPC achieved 121.28% cumulative utilisation, ONGC 99.08%, SAIL 75.37%, and CIL 69.05%. Allocation and actual expenditure were strongly correlated, r = .941, p < .001, and the positive association remained significant after company fixed effects were introduced, β = .539, p = .008. Robust tests also indicated significant inter-company differences in annual utilisation. The evidence identifies approved allocation as an important institutional predictor of CSR spending while showing that execution depends on project readiness, treatment of carry-forwards and transfers, and implementation capacity. Financial utilisation should therefore be evaluated alongside transparent budget reconciliation and project outcomes.