As we move through 2024, current trends suggest India has an extremely solid global footing. India has overtaken China as the world’s most populous country, according to UN population estimates, the most significant shift in global demographics since records began.
Meanwhile, the economy is poised to surpass Japan and Germany, positioning itself as the world’s third-largest economy by 2027.
However, sustainable development needs to be at the core of India’s transformation so that economic growth can properly care for a 1.5 billion population. According to data from the World Bank, more than 80 percent of India’s people live in districts that are at risk of climate-induced disasters.
Rising temperatures, changing rainfall patterns, declining groundwater levels, retreating glaciers, intense cyclones and sea-level rise can precipitate major crises for livelihoods, food security and the economy for both rural and urban populations.
Recognizing the delicate balance between these two factors, the Indian government has launched the Business Responsibility and Sustainability Reporting (BRSR) framework. As of 2023, eligible Indian companies are now required to provide quantitative metrics on sustainability-related factors.
This marks a significant shift from compliance to a strategic imperative for businesses. Aligned with global trends, and firmly grounded in the double materiality principle, India’s integrated BRSR will result in stricter reporting standards, enhanced transparency, improved access to capital, proactive risk management, and a strong commitment to advancing sustainability.
This is where Credibl and its ESG platform is set to rise to the challenge and help Indian companies achieve sustainable growth in accordance with the BRSR framework.
Automating sustainable measures
While most companies understand that a sustainable business is also an economically sound business, knowing how to achieve compliant operations is another matter. For one, things like complex global supply chains can make it tricky to track and tangibly prove sustainability performance for certain systems or products.
What’s more, there are often specific criteria for specific industries that mean off-the-shelf reporting tools won’t cover all the bases.
Whether general ESG frameworks or India’s BRSR criteria, companies need to provide investors, consumers, and stakeholders with a lens to evaluate a company’s commitment to responsible and sustainable practices by reporting on key metrics.
Here, Credibl is on a mission to address these pain points and transform sustainability reporting into a seamless and quantifiable process. The innovative company and its team are on a mission to find ways to leverage tech for good and play a part in protecting the planet.
Credibl offers an intelligent, end-to-end platform to track and measure against any number of ESG metrics in addition to leading features that include an AI-powered virtual assistant, automatic peer benchmarking, and variance analysis to pinpoint manual mistakes. Credibl’s ESG platform was built by a team of serial technology entrepreneurs with decades of experience in the technology space.
The company is led by CEO Jitesh Shetty, a Silicon Valley veteran who previously founded Qwiklabs, an early innovator in the public cloud learning space that was acquired by Google in 2016.
The platform is already being adopted by major players in the country.
A sustainable new era for India
In this new era of transparency and sustainability, Credibl is poised to help Indian companies adjust to the new BRSR framework with minimum disruption.
By implementing ESG practices, enterprises can reduce their environmental impact, improve their employee productivity, and reduce their risk of regulatory fines.
With intelligent, automated operational reports, companies can not only demonstrate sustainable practices but also take a global lead in building sustainable business models.
