New Delhi [India], July 17 (ANI): Environmental, Social and Governance (ESG)-led responsible business conduct must evolve into a key driver of India's economic competitiveness as the country moves towards its vision of becoming a developed nation by 2047, the Ministry of Corporate Affairs said on Friday.

Addressing the inaugural session of the fourth edition of the National Conference on Responsible Business Conduct (NCRBC) 2026, Nitin Gupta, Chairperson, National Financial Reporting Authority (NFRA) said India has made significant progress in sustainability disclosures and should now focus on improving their quality, reliability and usefulness for decision-making.

'Responsible Business Conduct is integral to the vision of Viksit Bharat and to fostering competitive enterprises, trusted markets, inclusive growth and environmental sustainability,' Gupta said.

He said sustainability information should be relevant, comparable, evidence-based and verifiable, supported by robust methodologies, reliable source systems and effective internal controls.

He added that sustainability reporting should be subject to the same discipline and rigour as financial reporting and auditing, with documentation, traceability, evidence retention and independent examination strengthening the credibility of disclosures.

Gupta also called for a proportionate and pragmatic approach to sustainability reporting while leveraging technology and strengthening institutional capacities, particularly across value chains and among micro, small and medium enterprises (MSMEs).

Speaking at the conference, IICA Director General and Chief Executive Officer Gyaneshwar Kumar Singh said India's aspiration to become a USD 30 trillion economy by 2047 requires ESG principles to move beyond regulatory compliance and become an integral part of the country's economic development model.

He described India's sustainability journey as a transition from 'ESG 1.0' to 'ESG 2.0', where ESG is emerging as a strategic driver of long-term enterprise value, business resilience and risk management.

Singh said the next phase should focus on integrating sustainability into board-level decision-making, strengthening legal and regulatory frameworks for sustainability data assurance and leveraging emerging technologies, including artificial intelligence, to improve the quality, traceability and transparency of sustainability data across value chains.

The conference also featured discussions on ESG governance, board-level disclosures and responsible business practices. The second day will focus on sector-specific ESG integration, responsible value chains, mainstreaming ESG among MSMEs and strengthening sustainability reporting frameworks to support India's long-term growth objectives. (ANI)