The progress of sustainability reporting in India is slow, but a significant and sound start has been made. The Institute of Chartered Accountants of India – Accounting Research Foundation (ICAI ARF) Committee is working on a new set of rules on CSR and, CII is developing a green rating system for Indian companies.
The pressure to adopt sustainability has further intensified with the launch of Sustainable Development Funds and Indices in India such as CRISIL, S&P ESG Index. Role of society 27. The role that the society plays in nudging financial institutions to adopt NFR can be catalytic. As a society, while judging a financial institutions’ performance, we must appreciate their contribution to social responsibility.