India Inc.’s top five sustainability megatrends revealed by Parivartan Awards
Sustainability Outlook has released a Market Insight Brief revealing the top five sustainability megatrends in Indian businesses uncovered through the Parivartan Sustainability Leadership Awards, based on the response of 85+ leading Indian corporates
New Delhi, June 11, 2015
Sustainability Outlook has released a Market Insight Brief revealing that the top five sustainability megatrends in Indian businesses are:
- Indian businesses are moving beyond compliance for implementing resource sustainability measures
- Indian business are taking a long term view for resource management due to impending resource shortage
- Customers, consumers and/or investors are currently not seen as key sustainability drivers for Indian businesses
- Sustainability is increasingly being viewed as a key corporate function
- Sustainability reporting continues to remain a key activity for large businesses but not seeing uptake in SMEs
These findings have been uncovered through the Parivartan Sustainability Leadership Awards, India’s largest sustainability solution search platform. The current sustainability drivers, type of interventions undertaken and the accrued benefits have been quantified based on the response of 85+ leading Indian corporates.
The findings reveal that India Inc. more than 75% of the surveyed businesses do not consider compliance mandates as the primary driver for undertaking resource efficiency measures. It was observed during the survey that only 20% of large companies and 30% of SMEs consider compliance as the primary driver for resource management. Interestingly, no respondent company cited regulatory compliance as a stand-alone driver for implementing sustainability measures. This goes to show that Indian businesses have moved beyond compliance and are now viewing sustainability as an opportunity.
Especially in case of large businesses, long term strategic action driven by top management is the primary driver for resource efficiency measures. Increasingly larger number of businesses has now developed sustainability teams, consisting of anywhere between 9-15 employees, independent of the existing CSR teams.
Another key finding shows that Indian businesses do not currently view customers, consumers and/or investors as the primary sustainability drivers. Customer pressure is a significant driver only for export oriented industries like the textile industry which is largely driven by brands sourcing their raw materials from India.
Also Sustainability reporting has picked up within the Indian industry over the past few years. More and more businesses are disclosing information about their sustainability performance and releasing ‘Sustainability Reports’. While the medium sized businesses seem to be disclosing some of their sustainability information through the company websites, most of the impacts are not actively tracked or disclosed publicly.
It also emerged that while sustainability reporting has picked up within the Indian industry but it continues to be driven by large businesses but not seeing uptake in SMEs. . Not many outside the top 100 companies (mandated to disclosure sustainability performance by SEBI) are currently releasing sustainability reports despite undertaking significant efforts, owing to the significant time and cost commitment.
The Market Insight Brief is available at http://sustainabilityoutlook.in/content/sustainability-megatrends-indian-industry-2014-753278.
To shape the sustainability mega-trends of Indian Industry for 2015, you can nominate your sustainability innovations in the Parivartan Sustainability Leadership Awards (http://parivartanawards.in/award/categories).
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