A Synthesis on Social Audit Perspectives and Trends in ESG Financing in India

With the world confronting the vigorous change due to evolving Environmental, Social and Governance (ESG) related policies and reporting frameworks, India is poised to embrace sustainability as a driver of socio-economic growth. A worldwide development in the field of ESG regulations is that Europe has set out a rule-based approach, the USA has moved with a principle-based approach, the UK referred EU?s model as a template and plans to introduce regulation for providers of ESG ratings. India has followed an approach that incorporates the ESG disclosure and reporting in the Business Responsibility and Sustainability Reporting (BRSR) frameworks. The ESG factors are gaining momentum and India is effectively integrating these factors for future competition and addressing the global concerns of social justice, climate change, and corporate governance. This article analyzes the relevance of Social Audit that can ensure greater transparency and accountability, reduce greenwashing, risks and get infusion to higher sustainable investment in India.