Strategic contribution of ESG reporting in achieving Vikshit Bharat 2047: An Indian prospective
DOI:
https://doi.org/10.64171/JSRD.4.S1.11-19Keywords:
ESG reporting, Business Responsibility and Sustainability Report (BRSR), Viksit Bharat 2047, Sustainable development, Corporate governance, CSR, SDGs, Indian corporate sectorAbstract
As India progresses towards its ambitious goal of becoming a developed nation by 2047, Environmental, Social, and Governance (ESG) reporting has emerged as a critical enabler of sustainable and inclusive growth. This study examines the strategic contribution of ESG reporting in aligning corporate practices with the developmental pillars of Viksit Bharat 2047. Using a descriptive and analytical approach based on secondary data, the research evaluates BRSR and CSR disclosures of Indian listed companies, government reports, and national indices.
The findings reveal that ESG-oriented initiatives significantly contribute to areas such as education, healthcare, gender equity, renewable energy, and rural development, thereby enhancing corporate reputation, investor confidence, and long-term value creation. However, the study also identifies challenges including the voluntary nature of ESG reporting, lack of standardization, risks of greenwashing, and low participation of MSMEs. The paper concludes that ESG reporting, if strengthened through standardized frameworks, mandatory compliance, and robust monitoring mechanisms, can become a transformative tool to achieve a socially just, environmentally responsible, and economically strong India by 2047.
Research gap and contribution: While several studies have explored ESG reporting, very few have specifically linked it with India’s long‑term developmental vision of Viksit Bharat 2047. Existing literature mostly focuses on ESG impact on firm value, investor perception or CSR trends, but does not examine how ESG disclosure can become a strategic driver for national goals.
This paper attempts to bridge this gap by:
- Mapping ESG initiatives of Indian companies with the five pillars of Viksit Bharat 2047.
- Highlighting challenges such as greenwashing, voluntary participation of SMEs, and lack of uniform standards.
- Suggesting a policy-level roadmap to make ESG a tool for inclusive and sustainable growth.
References
Gandhi MK. Constructive programme: its meaning & place. Ahmedabad: Navajivan Publishing House, 1945.
Drucker PF. The practice of management. New York: Harper & Row, 1954.
Rawls J. A theory of justice. Cambridge (MA): Harvard University Press, 1971.
Sen A. Development as freedom. Oxford: Oxford University Press, 1999.
Ministry of Corporate Affairs (India). National CSR Data Portal, 2024 [cited 2024]. Available from: https://csr.gov.in
NITI Aayog. SDG India Index 2023–24. New Delhi: NITI Aayog, 2024, p37.
Gurung P, Sarkar S. Sustainability reporting under GRI standards: an empirical study of Indian companies. Paradigm: A Management Research Journal. 2024;28(2):185–203. https://doi.org/10.1177/09718907241268977
Naomi P, Akbar I. Beyond sustainability: empirical evidence from OECD countries on the connection among natural resources, ESG performances, and economic development. Economics & Sociology. 2021;14(4):89–106. https://doi.org/10.14254/2071-789X.2021/14-4/5
Mohd Daud SN, Ghazali NS, Mohammad Ismail NH. ESG, innovation, and economic growth: an empirical evidence. Studies in Economics and Finance. 2024;41(4):845–70. https://doi.org/10.1108/SEF-11-2023-0692
Serikakhmetova AB, Adambekova AA. Corporate social responsibility in the context of ESG: development and current trends. Farabi Journal of Social Sciences, 2022, 8(1). https://doi.org/10.26577/FJSS.2022.v8.i2.03
Banerjee S, David R. Does ESG really matter? Assessing the relevance of ESG in Indian investors’ decision-making dynamics. Qualitative Research in Financial Markets. 2025;17(4):805–29. https://doi.org/10.1108/QRFM-10-2023-0241
Efthymiou L, Kulshrestha A, Kulshrestha S. A study on sustainability and ESG in the service sector in India: benefits, challenges, and future implications. Administrative Sciences. 2023;13(7):165. https://doi.org/10.3390/admsci13070165
Sharma P, Panday P, Dangwal RC. Determinants of environmental, social and corporate governance (ESG) disclosure: a study of Indian companies. International Journal of Disclosure and Governance. 2020;17(4):208–17. https://doi.org/10.1057/s41310-020-00085-y
