The United Nations affirmed India’s good business standing while underlining adherence to human rights. The primary work was in the report of “Working Group on Human Rights and Transnational Corporations/Other Business Enterprises'” at the Human Rights Council, where the Business Responsibility and Sustainability Reporting (BRSR) initiative was given an impressive mention. The second edition of mandatory reporting norms for large listed Indian companies has now been released by the Ministry of Corporate Affairs, Government of India, which seeks to improve transparency and accountability.
The report noted that “the Business Responsibility and Sustainability Reporting initiative in India is based on principles related to respecting and promoting human rights and safeguarding the environment.” This establishes an important precedent for future corporate human rights policy implementation.
The UN report also recognized India and Japan’s leading efforts in regulating Environmental, Social, and Governance (ESG) data. It appreciated steps taken to standardize methodologies and enhance transparency across commercial data providers – which it had previously argued was lacking.
Suman Sonkar, an Indian diplomat, presents an appreciative perspective: “acts as a reminder about the critical role corporate and financial actors have in advancing human rights through their strategy and policy frameworks to operationalize the Guiding Principles on Business and Human Rights (BHR).”
This is expected to increase mutual trust in India’s investment climate, which is very relevant to the world’s fifth-largest economy. The recognition of India’s involvement in corporate responsibility and human rights initiatives highlights the country’s commitment to transparent and sustainable business practices.