UN praises India’s sustainable transparent business practices and human rights efforts
This recognition is expected to boost confidence in India's investment climate, which is crucial for the world's fifth-largest economy
The United Nations has recently recognized India’s business practices, particularly highlighting their focus on significant human rights. This recognition is expected to boost confidence in India’s investment climate, which is crucial for the world’s fifth-largest economy.
The UN report, presented by the Working Group on “Human Rights and Transnational Corporations and Other Business Enterprises” at the H.R Council, praised India’s Business Responsibility and Sustainability Reporting (BRSR) initiative. The BRSR is a mandatory disclosure framework for large, listed businesses in India to enhance transparency and accountability.
Recognition of India’s Business Responsibility and Sustainability Reporting (BRSR) Initiative
The report stated, “The Business Responsibility and Sustainability Reporting initiative in India, a mandatory disclosure framework for large, listed businesses that includes principles on respecting and promoting H.R and protecting the environment.”
The report also appreciated India, along with Japan, for taking steps to regulate Environmental, Social, and Governance (ESG) data. It said, “The Working Group welcomes emerging initiatives that aim to standardize methodologies and increase the transparency of commercial data providers, an area that had been largely unregulated. India and Japan have been among the first jurisdictions to address commercial providers of Environmental, Social, and Governance (ESG) data.”
Impact of BRSR on Corporate Accountability
India has welcomed this recognition from the UN. Indian diplomat Suman Sonkar underscored the important role of businesses and financial institutions in supporting human rights. She mentioned, “We believe that the corporates and financial actors have an important role in greater compliance of human rights principles by embedding human rights into their policies and strategies and scaling up progress on the implementation of the Guiding Principles on Business and Human Rights (BHR).”
You might also be interested in – Indian-American businessman sentenced to seven and a half years in prison
