Vasudhaiva Kutumbakam (The World is One Family)
23 Dec 2021 , Blockchain, Climate Change, ESG
Nurturing the spirit of “Vasudhaiva Kutumbakam” taken from the sixth chapter Maha Upanishad, which translates to -the world is one family” in the light of growing environmental degradation and resource depletion.
Successive Prime Ministers and Presidents of India have used the theme of Vasudhaiva Kutumbakam is a platform for making statements for invoking peace and cooperation.
“Bhumi Mata, Putro Eham Prithvya” in Atharva Veda, Vedic Hymn to the Earth, is unquestionably the oldest and the most evocative environmental invocation. This translates to “Earth is my mother, I am her son.” Indeed, the earth acts like a mother to us all; as her children, we are dependent on her.
Environment, Social and Governance (ESG) related issues in business is on everyone’s mind. ESG is no longer a competitive edge; it has become the key differentiator to survive now.ESG or ‘responsible’ investing is a serious business now. Are we contributing to the process of making this earth a better place to live? Enterprises have to answer this question first before answering other questions. The philosophy has the secret of business success. Unless we recognize the world as one family, we cannot do anything well. The aim is to balance nature and culture, technology and ecology, quantitative and qualitative indices.
We need to harness digital solutions for strengthening sustainable development and nurturing the spirit of Vasudhaiva Kutumbakam. Sustainability is fast becoming a key priority for corporates worldwide, and businesses today are expected to have an extra layer of ethics and moral duty towards society. There has been a corresponding shift in the mindset of investors, with priorities expanding to include sustainable growth along with the primary goal of wealth creation.
In 2013, India became the first country to mandate corporate social responsibility with the Companies Act of 2013. Being the first country to have mandated corporate social responsibility, India has for some time taken the lead in demanding ethical commitments from businesses. Companies and organizations have started preparing sustainability reports disclosing their performance on environmental, social, governance parameters as a part of reporting non-financial performance metrics. While the Indian government has not mandated all companies to prepare these reports, it is strongly encouraged as such monitoring and accountability clarify investors and other stakeholders about the company’s responsible conduct of activities.
This blue planet is a delightful habitat. Its life is our life; its future, our future.
By Suraj Teja, Director,TRST01 (Trust O One)
Message for Earth Day | The 14th Dalai Lama
ESG Reporting in India to be Mandatory for Big Firms
Share Blog on: