Nature and Extent of ESG Disclosure in India: A Study of Selected Nifty-200 Companies

AbstractThe present study aim is an attempt to examine the nature and extent of ESG disclosure by Indian companies. The study has highlighted that ESG disclosure practices are showing an increasing trend in Indian companies. The selected sample has consisted of the most representative companies of the Nifty-200 index. The nature and extent of ESG disclosure are summarised into ten themes and thirteen parameters. The data highlights consistent improvement in the nature and expanse of ESG disclosures in India from 2019-20 to 2023-24. While environmental themes, particularly emissions and energy, show the strongest progress, social and governance areas are also advancing steadily. Continued regulatory support, coupled with corporate commitment, will be key to sustaining this momentum and addressing lagging areas such as product quality, data privacy, and biodiversity. Overall, there is a favourable trend toward sustainable business practices as Indian companies are becoming more transparent and aligned with international ESG norms. The most consistent top performers are Reliance Industries Ltd. and Infosys Ltd., demonstrating their leadership and adaptability. Companies such as Pidilite Industries Ltd., SRF Ltd., and Dr. Reddy's Laboratories Ltd. emerged strongly after 2021, indicating shifting market dynamics. Despite the dominance of the energy, IT, and financial sectors, chemicals and medicines are becoming significant contributors.