Taxmann’s – Embracing ESG in India – Compilation of Case Studies of Torch Bearers, Promoters & Initiators of Change

Embracing ESG in India – Compilation of Case Studies of Torch Bearers, Promoters & Initiators of Change is the second instalment in the IICA Corporate Excellence Publication Series, published in partnership with Taxmann. This book continues the journey started with the first volume, Benchmarking ESG & CSR – A Compendium of Best Practices.

This new volume presents a comprehensive analysis of innovative ESG initiatives undertaken by leading Indian companies. It provides an in-depth look at the Environmental, Social, and Governance (ESG) frameworks driving these efforts. Through detailed case studies, the book highlights how businesses integrate ESG practices and take charge of responsible and sustainable business operations. It also captures significant ESG efforts by various government ministries, agencies, and international organisations, providing a holistic view of ESG’s evolving landscape in India.

This book is designed for a broad audience, including corporate professionals, sustainability and ESG practitioners, business executives, research scholars, and students. It benefits non-financial audit and assurance professionals, board members, investors, consumers, employees, and other stakeholders engaged in or impacted by ESG initiatives. The book’s comprehensive nature makes it a valuable resource for anyone involved in or interested in ESG.

The Present Publication is the Latest Edition, authored by Dr Garima Dadhich and Dr Ravi Raj Atrey, with the following noteworthy features:

• [Comprehensive Case Studies] Featuring a collection of case studies from Indian businesses that showcased their ESG initiatives at a national exhibition organised by the Indian Institute of Corporate Affairs (IICA), the book illustrates practical applications and the impact of ESG integration
• [Government and International Insights] The book also examines the contributions of government ministries such as the Ministry of Corporate Affairs, NITI Aayog, and the Ministry of Environment, Forest and Climate Change, as well as international organisations like UNICEF and UNDP. This multi-dimensional approach provides a broader perspective on how various entities are contributing to the ESG movement in India
• [Unique Aspects] One of the unique aspects of the book is its coverage of key initiatives by inter-governmental and international organisations, highlighting the cross-border influence and collaborative efforts in ESG practices. The book also discusses the roles of government agencies, showcasing how they serve as torch-bearers, guiding businesses through the evolving ESG landscape

The structure of the book is as follows, addressing different dimensions of ESG adoption and implementation:

• Introduction
  • This chapter provides the background and rationale for adopting, integrating, and disclosing ESG frameworks. It outlines the latest global developments and details how Indian businesses and institutions are making efforts to embrace these changes. Additionally, it summarises key discussions from the National Conference on Responsible Business Conduct organised by the IICA in December 2023
• The Torch Bearers
  • Focusing on key government entities, this chapter profiles those leading the way in promoting ESG in India. It includes a detailed analysis of the roles of the Ministry of Corporate Affairs, Indian Institute of Corporate Affairs, NITI Aayog, the Ministry of Environment, Forest and Climate Change, the Department of Public Enterprises, the Ministry of Finance, and the Ministry of Micro, Small, and Medium Enterprises
• The Promoters
  • This chapter spotlights organisations that implement ESG practices and actively promote responsible business conduct. It features entities like UNICEF, the International Justice Mission (IJM), Partners in Change (PiC), the United Nations Development Programme (UNDP), HCL Foundation, and bVokal Technologies. Their stories underscore the importance of advocacy and promotion in driving broader ESG adoption
• The Initiators
  • Through a series of case studies, this chapter showcases how diverse businesses have adopted ESG indicators across various sectors. It profiles companies such as ReNew Energy Global PLC, Adani Wilmar Limited, HP Inc. India, HCL Technologies Limited, GAIL (India) Limited, Bharat Forge Limited, Minda Corporation Limited, and others. The case studies provide practical examples of ESG implementation, highlighting both the challenges and successes of integrating these practices into business operations
• Actions & Way Forward
  • The final chapter analyses the latest developments in ESG, including Business Responsibility and Sustainability Reporting (BRSR), sectoral adaptations of the National Guidelines on Responsible Business Conduct (NGRBC), and the involvement of non-listed companies and MSMEs. It provides a roadmap for developing effective ESG strategies, including methodologies for peer benchmarking, policy re-evaluation, materiality assessments, and defining KPIs and monitoring mechanisms

Garima Dadhich

Dr Garima Dadhich is an esteemed international scholar specialising in ESG (Environmental, Social, and Governance) frameworks. She is an Associate Professor and the Founding Head of the School of Business Environment at the Indian Institute of Corporate Affairs (IICA), where she pioneered the Certified ESG Professional – Impact Leader Programme and the Certificate Programme in Sustainable Finance. Dr Dadhich also leads the National Foundation for Corporate Social Responsibility and the Centre for Business & Human Rights at IICA.

She holds a PhD in Corporate Governance and an LLM in Commercial & Corporate Laws from Queen Mary University, London. Her academic excellence is complemented by numerous professional certifications from prestigious institutions, including Cambridge University, Harvard University, the Centre for Effective Dispute Resolution, and the World Sustainable Finance Association, covering areas such as Law, Sustainable Finance, Dispute Resolution, and Board Effectiveness.

Dr Dadhich has conducted various research projects for the Ministry of Corporate Affairs and has actively contributed to policy support for the Government of India. Additionally, she serves as a visiting faculty member at the Lal Bahadur Shastri National Academy of Administration (LBSNAA), Mussoorie, further showcasing her commitment to education and leadership in her field.

Ravi Raj Atrey

Dr Ravi Raj Atrey is a distinguished scholar and versatile professional with extensive expertise in Sustainability and ESG. He holds a Doctorate in Corporate Social Responsibility and has earned Master’s degrees in Economics, Business Administration, International Law & Diplomacy, Social Work, and Human Rights. With over two decades of experience across various sectors, including Ministries, Civil Society Organizations, Academic Institutions, Corporates, and Consulting Firms, Dr Atrey has honed his skills in CSR, Business & Human Rights, Governance, Brand Building, and Sustainable Finance.

He is the author of the notable book ‘Exploring Corporate Social Responsibility: Fundamentals & Implementation,’ where he introduced the renowned ‘Tree Model’ for integrating responsible business conduct. Dr Atrey is the Chief Programme Executive at the School of Business Environment at the Indian Institute of Corporate Affairs.

His other works include:

• Algorithms of Sustainable Finance (2024)
• Demystifying ESG – A Comprehensive Guide for Environmental-Social-Governance Integration and Practice (2024)
• Social Work Methods in CSR Implementation (2024)
• Benchmarking ESG & CSR – A Compendium of Best Practices in Environmental, Social & Governance (ESG) and Corporate Social Responsibility (CSR) in India (2022)
• Exploring Corporate Social Responsibility: Fundamentals & Implementation (two editions, 2017 & 2020)