15th March 2022, New Delhi: India can achieve its dream of becoming self- reliant or becoming Aatmanirbhar Bharat by following the Environment, Social, and Governance (ESG) norms stated Shri Arjun Ram Meghwal, Minister of State, Ministry of Parliamentary Affairs; & Minister of State, Ministry of Culture, Government of India at the India ESG Stewardship Summit titled- ''Emerging Landscape, Impact and Business Response''.
Speaking at the ASSOCHAM event, Shri Meghwal informed that India was always following the ESG norms and was environmentally very active since ages. “Till some decades ago, people were actively taking care of the trees and the environment. With westernisation and modernisation, these things took a back seat. I am happy that once again, the corporate world is giving a lot of importance to becoming more socially and environmentally aware,” he said.
Shri Meghwal also advocated the revival of age-old methods of spending more time with the environment. “Rather than celebrating earth hour just once in the whole year, we should revive the concept of ‘spend one night in moon light’. Not only will we become aatmanirbhar, but also reduce the carbon emission by involving the whole community,” he explained.
He informed that the government is also taking a lot of steps to reduce the carbon footprint. “Our government has kept a target of generating 50 percent of the energy needs through renewable energy by 2030. We are already on the path to achieve those goals,” he added.
Justice Shri A. K. Sikri, Former Judge, Supreme Court of India stated that ESG is the norm of the day, which is to be followed by the business community. “However, many companies taking it as a mission, complying with its requirements and doing it as a service to the nation is something really remarkable,” he said
He said that till a few decades ago, the primary motive of the business was to only make profit for its stakeholders. “Over time, the CSR was introduced, and it was accepted by the businesses that even corporates have social responsibility. This is in line with our constitutional ethos,” he informed.
Mr. Vineet Agarwal, President, ASSOCHAM & managing director, TCIL explained that the world is changing very fast, and all organisations be it government, businesses or even individuals need to keep up with this change.
“With climate crises to social upheaval, and conflict, the time to build greater responsibilities for stakeholders have arrived. In the world of business especially environmental, social, and governance are the key factors to measure the company’s sustainability and the social responsibility,” he said.
He informed that all aspects of ESG have become paramount for any company to be at the top of any employee, investor, customer, or supplier recall. “If you take employees, millennials want to join companies when they see a purpose or a direction which aligns with their thought process,” he pointed out.
Ms. Preeti Malhotra, Chairperson ASSOCHAM National Council for Corporate Affairs, Company Law and Corporate Governance & Chairman, SmartBharat Group stated that, integrating social, environmental, and ethical responsibilities into the governances or businesses is what ensures a long-term success, competitiveness, and sustainability.
“Development in its true sense can only take place when the economic growth fosters governance and social equity. Climate change and sustainability in the development concerns are becoming critical priority in the national and global level,” she said.
According to Ms Malhotra, there is also an increasing investor focus on sustainability investing which is reflected in an increase in the total asset and inflows of sustainable funds. “Investors factor in financial implication of sustainability related risks and opportunity which impacts their investment decision,” she added.
On the occasion, ASSOCHAM’s 10th Responsible Organization and Social Responsible Individual Excellence Awards 2020-21 were also conferred. The Philanthropist of the Year award was bestowed upon Ms. Rohini Nilekani, Chairperson of Rohini Nilekani Philanthropies and Co-founder and Director of EkStep. The COVID-19 Warrior award went to Padma Shri Dr. K.K. Aggarwal (Posthumous Award) and Shri Rakesh Kumar, ASI, Delhi Police.
The award winners in the listed categories were Bharti Airtel Limited and HDFC Bank Ltd. In the unlisted category with turnover more than Rs 1000 crore, Delhi Metro Rail Corporation Ltd. (DMRC Ltd.) won the award. In the less than Rs 1000 crore category, Goa Shipyard Ltd received the award.
In the Not for Profit Organization category, Magic Bus Foundation and Swadesh Foundation received the award. Virohan Private Limited received the award in the Social Enterprise category. For Implementing partnership of Corporate Foundation and NGO for COVID-19 Response category, two recognitions were given to Magic Bus Foundation - Godrej Consumers Products Ltd. & HDFC Bank Ltd. - PAN-IIT Alumni Foundation.
The India ESG Stewardship summit was addressed by Dr. S. K. Gupta, Former MD & CEO, Insolvency Professional agency of ICMAI & MD, RVO of Institute of Cost Accountants of India, Mr. Dinesh Anand, National Managing Partner - Risk & ESG Grant Thornton India, Mr. Vijay Sachdeva, Co-Chairman, ASSOCHAM National Council for Corporate Affairs, Company Law and Corporate Governance & Deputy National Leader (North), Risk and Advisory Services, Haribhakti & Co. LLP, Mr. Amit Tandon, Founder and Managing Director, Institutional Investor Advisory Services, Mr. Vikas Gambhir, Executive Director, Grant Thornton Bharat, Mr. Divy Malik, Associate Partner, McKinsey & Company, Inc. and Mr. Rahul Prithiani, Director, CRISIL
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