Viksit Bharat Through ESG: Highlights from the 2025 National Business Responsibility Conference

When talking about Viksit Bharat 2047, the first clear signs of progress are frequently modern highways, digital India, booming exports, or manufacturing hubs that rival the best in the world. These are crucial pillars, of course. But the National Conference on Responsible Business Conduct (NCRBC) 2025, held by the Indian Institute of Corporate Affairs (IICA), served as a reminder that true development encompasses more than just GDP statistics and physical infrastructure. It concerns whether businesses act in an ethical, sustainable, and responsible manner. 

More than 300 leaders, including corporate veterans, policy thinkers, ESG experts and international voices, convened at the Taj Palace in New Delhi for a conference on how India can incorporate ESG (Environmental, Social and Governance) principles into its development narrative. The unanimous recognition that ESG is no longer a catchphrase or a business fad lifted from international boardrooms was noteworthy. Instead, it is fast becoming the moral and operational foundation of how Indian businesses must function.  

This strikes a deep chord with us at Directors' Institute. Boards and executives are realising more and more that ethical business practices are not charity or compliance-driven box-checking. Credibility, investor trust and India's legitimate position as a leader in sustainable global growth are all shaped by this strategic necessity. 

Setting the Tone: From Compliance to Conscience 

The tone was exquisitely set by the first keynote address by Minister of State for Corporate Affairs Shri Harsh Malhotra. He emphasised that India is shifting from a prosecution-based regulatory framework to one that is centred on corporate governance based on trust. 

This is significant. For decades, compliance has been treated like a box-ticking exercise. But as Malhotra pointed out, the transition we need is one where compliance evolves into conscience. ESG, in this context, is not peripheral—it is foundational to the way businesses will scale in the coming decades. 

Viksit Bharat Through ESG — Key takeaways from the 2025 National Business Responsibility Conference.

Building a sustainable future where growth, governance, and green practices go hand in hand.

He also placed this shift in the global context: “India is no longer catching up. India is ready to lead.” 

For directors and senior executives, that means the boardroom conversation must pivot. ESG is not CSR 2.0, it’s not charity—it’s value creation with responsibility embedded at its core. 

Sanjeev Sanyal’s Perspective: An India-Centric ESG Framework 

Sanjeev Sanyal, a member of the Prime Minister's Economic Advisory Council, was among the most provocative speakers at NCRBC 2025. His speech served as a sobering reminder that, even though ESG is crucial, India cannot afford to heedlessly embrace Western-designed metrics that fail to take into consideration our particular circumstances. Many global indices, he pointed out, focus heavily on carbon disclosures or rigid compliance checklists but overlook the embedded ethics, sustainability practices and community-driven models that already exist in India’s corporate fabric.  

Sanyal urged regulators and businesses to consider ESG from an Indian perspective. For example, our MSMEs, rural enterprises and family-run businesses cannot be measured by the same yardstick as Fortune 500 multinationals. He reminded the delegates, citing Kautilya's Arthashastra, that ethical governance is not a novel idea in India; rather, it is ingrained in our culture.  

For directors and boards, the lesson was clear: India needs to create development-oriented, context-specific ESG models that strike a balance between social justice, environmental responsibility and economic growth. This entails the corporate sector abandoning template-based compliance and adopting ESG strategies that are globally credible, locally relevant and profoundly sustainable. 

UNICEF’s Human-Centred Reminder: ESG is About People Too 

If there was one intervention that struck an emotional chord at the conference, it was the address by Cynthia McCaffrey, UNICEF Representative to India. She said something simple yet profound: “ESG is incomplete without healthy children and families.” This statement brought attention back to the human aspect of sustainability, cutting through the frequently technical, jargon-heavy nature of ESG discussions.  

McCaffrey emphasised that corporate governance frameworks and climate action are important, but social responsibility—the "S" in ESG—cannot be taken for granted. She maintained that companies need to consider more than just shareholder profits and consider whether they are contributing to the welfare of the communities in which they operate. This entails incorporating community resilience, education, healthcare, nutrition and child rights into ESG strategies.  

With nearly half of the population under 25, this perspective is especially powerful for India. Instead of seeing children and families as CSR beneficiaries, corporate executives and directors need to see them as significant stakeholders in long-term sustainability. The core principle of Viksit Bharat and ESG is reiterated in McCaffrey's speech: economic progress is pointless unless it helps the most vulnerable. 

The Role of IICA and Indian Frameworks 

Shri Gyaneshwar Kumar Singh, DG & CEO of IICA, underlined a decade of efforts by the Ministry of Corporate Affairs and IICA in shaping responsible business conduct. His emphasis was on indigenous ESG frameworks. Imported models may not suit India’s complex and diverse corporate landscape. 

He pointed to initiatives like the National Guidelines on Responsible Business Conduct (NGRBC), Business Responsibility and Sustainability Reporting (BRSR) and digital governance upgrades under MCA21 Version 3.0. Each of these represents India’s attempt to create ESG pathways suited to its own developmental journey. 

From our own experience at Directors’ Institute, we see boards still struggling to interpret BRSR in a way that goes beyond compliance. The challenge (and the opportunity) is to make these reports not just disclosures, but strategic tools that reflect purpose, resilience and accountability. 

Key Panels: Themes That Matter for Directors 

The two-day conference wasn’t just about speeches—it featured rich panel discussions that board members should take note of. Some of the highlights included: 

1. The Rise of ESG in the Boardroom – ESG is no longer an agenda item at the end of meetings. Regulators and board leaders stressed how governance structures must internalise ESG metrics as part of risk and opportunity frameworks. 
   

2. Sustainable Finance – Discussions around green bonds, impact investing and low-carbon transition financing showed how ESG is already reshaping capital markets. Investors are looking at ESG not as a filter, but as a driver of value. 
   

3. Implications of the EU CSDDD for Indian Exporters: This served as a warning. Indian businesses must brace for increased scrutiny as Europe requires due diligence across supply chains. Boards of exporting firms will need to rethink compliance and risk management structures.  
   

4. The Future Workforce : The focus was on inclusive employment models, digital skilling, and green jobs. Directors ought to begin questioning whether our workforce strategies are prepared for the future. 
   

5. Decarbonising India – From equitable climate transitions to low-carbon pathways, this panel stressed that decarbonisation is not optional. For industries like steel, cement and power, the shift is both a regulatory push and a market demand. 
   

6. Decent Work for Viksit Bharat – Led by Dr. Bhaskar Chatterjee, this session highlighted how ESG frameworks must integrate labour dignity, social equity and formalisation. 

   
   

7. Diplomatic Dialogue – Ambassadors and international voices highlighted India’s potential to lead in multilateral ESG cooperation. The message: India’s ESG frameworks will not just shape domestic business but also influence global trade and diplomacy. 

From Awareness to Institutionalisation 

One of the strongest takeaways was from the Valedictory Address by Shri Gyaneshwar Kumar Singh. He stressed that ESG must move from awareness to institutionalisation. 

This is a point directors must internalise. Having ESG committees, publishing sustainability reports, or making public commitments is not enough anymore. What’s needed is embedding ESG into strategy, operations and culture. 

As he rightly put it, ESG must be seen as the moral compass guiding business, not an afterthought. 

What This Means for Corporate India 

For senior leaders, directors and governance professionals, the NCRBC 2025 offers three clear lessons: 

1. ESG is Strategic, Not Supplementary – Boards must embed ESG into decision-making processes. It’s about risk management, investor confidence and long-term value creation. 

2. India-Centric Frameworks Matter – Don’t blindly copy-paste global ESG models. Adapt them to Indian realities—our MSMEs, supply chains, labour markets and community dynamics. 

3. Directors Are the Custodians – Ultimately, it is the board that ensures ESG is not a checkbox but a guiding philosophy. Directors must lead with foresight, accountability and moral clarity. 

Directors’ Institute Perspective 

At Directors' Institute, we have always emphasised that ethical foresight and governance literacy are both important components of the path to board leadership. Conferences such as NCRBC reinforce the need for directors to improve their knowledge of ESG, not as jargon but as the currency of credibility in boardrooms.  

The message is clear for professionals getting ready for board positions: your relevance will be defined more and more by your ability to match strategy with ESG. Boards will be evaluated by investors, regulators and even staff members for their responsible stewardship as well as their profitability. 

If you are serious about shaping your boardroom journey, now is the time to strengthen your skills and perspectives. We invite you to explore the Directors’ Institute programmes—designed to help leaders like you stay future-ready, ESG-aligned and globally competitive. 

Conclusion: ESG as the Moral Compass for Viksit Bharat 

As NCRBC 2025 drew to a close, one message echoed across every session: responsible business is not a burden—it is a strategic imperative. 

If India’s vision of Viksit Bharat by 2047 is to be realised, ESG cannot remain at the periphery. It has to be institutionalised, mainstreamed and lived in every board decision, every business model and every corporate strategy. 

For directors, this is not just about compliance. It’s about shaping the future of Indian business—with conscience, with responsibility and with courage. 

References: Newsletter-July-25.pdf - Page number 7  Our Directors’ Institute - World Council of Directors can help you accelerate your board journey by training you on your roles and responsibilities to be carried out efficiently, helping you make a significant contribution to the board and raise corporate governance standards within the organization.