IMA India and Uniqus Publish Survey Report on state of ESG maturity within Corporate India
Mumbai, July 10, 2024: Today, IMA India, a business and economic research company, and Uniqus Consultech Inc., an ESG and Accounting & Reporting Consulting company, released ‘Sustainability in Action’ – a survey-based report highlighting Environmental, Social, and Governance (ESG) maturity and its role in long-term value creation for Indian corporates. The report is broad-based and encompasses survey results spanning all key sectors in India and includes messages from large as well as SMEs.
The report reveals that 75% of large Indian companies have set clear sustainability goals, with 84% voluntarily sharing their targets. This comprehensive survey which features feedback from over 150 companies across India underscores the growing significance of ESG strategies in India Inc.
This report, the result of a joint study conducted by IMA India and Uniqus Consultech, explores the shifting dynamics of corporate approaches to sustainability. It sheds light on organizations' diverse approaches to incorporate ESG considerations into their strategic frameworks and decision-making processes.
Key highlights from the report include:
• 61.3% of manufacturing companies expect to see measurable outcomes from their ESG initiatives in medium to long term, with 13.3% anticipating results in the very near term (0-1 years)
• Large companies reveal that their ESG strategies are fully integrated into their organizational strategies. The SMEs have some road to cover
• Nearly half of the companies have dedicated ESG teams
• Ethical responsibility and corporate citizenship primary drivers of ESG adoption, as cited by 85% of respondents
• More than half of the respondents are leveraging or exploring Green Finance and technology for their ESG efforts but have not made progress yet
• To boost internal skills, 1 in 2 respondents are open to collaborating with external experts and consultants
The survey uncovered that the manufacturing, chemical, and healthcare sectors lead in sustainable practices. It is also pertinent to mention that despite these positive trends, 25% of Indian companies, mostly SMEs, avoid ESG discussions in their Board of Directors meetings. Moreover, only 29% of companies report their ESG initiatives and seek stakeholder feedback.
On the report's release, Jamil Khatri, Co-Founder & CEO of Uniqus Consultech, said, “The findings from our 2024 Sustainability in Action report are encouraging. The fact that a majority of companies have embedded ESG into their core strategies and are taking concrete steps towards sustainability is a testament to the growing importance of ESG in India. We are optimistic about the growth in ESG consciousness and action in India, especially with new technologies poised to be a game changer in driving positive trends across industries.”
Adding on to it, Suraj Saigal, IMA India’s Research Director said, "Our report underscores the critical role of ESG in shaping the future of Indian businesses. Companies are not only recognizing the ethical and regulatory imperatives but are also seeing the financial benefits of sustainable practices. The willingness to leverage green finance and technology shows a proactive approach to overcoming ESG challenges."
