Uniqus and IMA Publishes Survey Report on State of ESG Maturity in Indian Corporates

Mumbai, July 19, 2024: Today, IMA India, a business and economic research company, and Uniqus Consultech Inc., a ESG and Accounting & Reporting Consulting company, released ‘Sustainability in Action’ – a survey-based report highlighting ESG maturity and its role in long-term value creation for Indian corporates.  The report is broad-based and encompasses survey results spanning all key sectors in India and includes messages from large as well as SMEs.

IMA India and Uniqus Consultech’s Sustainability in Action report reveals that 75% of large Indian companies have set clear sustainability goals, with 84% voluntarily sharing their targets. This comprehensive survey which features feedback from over 150 companies across India underscores the growing significance of Environmental, Social, and Governance (ESG) strategies in India Inc.

This report, the result of a joint study conducted by IMA India and Uniqus Consultech, explored the shifting dynamics of corporate approaches to sustainability. It sheds light on organizations’ diverse approaches to incorporate ESG considerations into their strategic frameworks and decision-making processes.

Key highlights from the report include:

• 3% of manufacturing companies expect to see measurable outcomes from their ESG initiatives in medium to long term, with 13.3% anticipating results in the very near term (0-1 years)
• Large companies reveal that their ESG strategies are fully integrated into their organizational strategies. The SMEs have some road to cover
• Nearly half of the companies have dedicated ESG teams
• Ethical responsibility and corporate citizenship primary drivers of ESG adoption, as cited by 85% of respondents
• More than half of the respondents are leveraging or exploring Green Finance and technology for their ESG efforts but have not made progress yet
• To boost internal skills, 1 in 2 respondents are open to collaborating with external experts and consultants

The survey uncovered that the manufacturing, chemical, and healthcare sectors lead in sustainable practices. It is also pertinent to mention that despite these positive trends, 25% of Indian companies, mostly SMEs, avoid ESG discussions in their Board of Directors meetings. Moreover, only 29% of companies report their ESG initiatives and seek stakeholder feedback.

On the report’s release, Jamil Khatri, Co-Founder and CEO of Uniqus Consultech, said, “The findings from our 2024 ESG Insights Report are encouraging. The fact that a significant majority of companies have embedded ESG into their core strategies and are taking concrete steps towards sustainability is a testament to the growing importance of ESG in India. We are optimistic about the growth, especially with technology poised to be a game changer in driving these positive trends across industries.”

Adding on to it, Suraj Saigal, IMA India’s Research Director said, “Our report underscores the critical role of ESG in shaping the future of Indian businesses. Companies are not only recognizing the ethical and regulatory imperatives but are also seeing the financial benefits of sustainable practices. The willingness to leverage green finance and technology shows a proactive approach to overcoming ESG challenges.”

About Uniqus Consultech:

Uniqus Consultech is a global tech-enabled consulting company that specializes in ESG and Accounting & Reporting Consulting. The Company is co-founded by consulting veterans Jamil Khatri and Sandip Khetan and backed by marquee investors such as Nexus Venture Partners, Sorin Investments, and other angel investors. Anu Chaudhary, a global ESG specialist with over 20 years of experience, serves as the Global Head of ESG.

With operations in the US, India, and the Middle East, Uniqus is committed to leveraging technology and an integrated global delivery model to provide best-in-class consulting services that drive measurable results and create long-term value for its clients.

For more information, please visit: www.uniqus.com

Stay connected with us on Linked In | Twitter | YouTube

About IMA India

IMA India is a 30-year-old, premier economic, business and market research firm, providing insights and analysis to top management audiences in India. IMA manages the country’s largest peer group platform for top-management executives, comprising over 2,500 Indian and global business/functional heads from more than 1,500 member companies. 

For more information, please visit: www.ima-india.com

Media contact: Sourav Kanungo sourav.kanungo@adfactorspr.com ; uniqus@adfactorspr.com