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Market watchdog SEBI has come out with a consultation paper in a bid to ease the functioning of <keyword id="22476006" type="General" weightage="100" keywordseo="ESG-Rating-Providers" source="keywords">ESG Rating Providers</keyword> (ERPs), pushing for the development of a <keyword id="23760035" type="General" weightage="20" keywordseo="subscriber-pays-model" source="keywords">subscriber-pays model</keyword>. As of July 2024, nine ERPs are registered with SEBI to operate in the country. These include <keyword id="23760037" type="General" weightage="20" keywordseo="CRISIL-ESG-Ratings" source="keywords">CRISIL ESG Ratings</keyword> &amp; Analytics, ESG Risk Assessments and Ratings, GlobeTrend Climate Impact Institutional Investor Advisory Services, <keyword id="23760038" type="General" weightage="20" keywordseo="NSE-Sustainability-Ratings" source="keywords">NSE Sustainability Ratings</keyword> and Analytics, PGS Impact, Pragati Development Consulting, CARE ESG Ratings, and SES ESG Research. Per the paper's proposal, ERPs won't be required to disclose ESG (environmental, social, and governance) ratings to the bourses, provided they confirm that there is no non-public information that could potentially affect the rating. Another proposal was the simultaneous sharing of the ESG rating reports both to the rated companies and to the subscribers who pay to access these reports. ERPs should ensure that rated entities, their group companies, or associates cannot subscribe to their own ESG ratings, SEBI said in its consultation paper. Some of the other suggestions put forth by SEBI include: 1. Companies will have a specific timeframe to respond to the ESG report, and any such comments should be included in the report as an addendum. 2. In case the ERP does not agree with the remarks issued by the rated company, they can add their comments to the report as well. 3. ERPs can rate unlisted issuers or other products, provided they meet specific guidelines from relevant regulators. SEBI is receiving public comment on these proposals until November 15, 2024. <h2>Steady returns </h2>Of the 11 ESG mutual fund schemes available to Indian mutual fund investors, the Quant ESG Equity fund has generated the highest returns of about 45.44% over one year, data from ValueResearch showed. Simply put, had you invested Rs 10,000 every month in this fund for three years, you would have accumulated a corpus of Rs 5,47,525. Over three years, the returns on this fund come to around 26%. This was followed by the ICICI Pru ESG Exclusionary Strategy fund, which yielded 44.73% returns over the same period. However, over ultra-short terms, i.e., 1-3 months, ESG funds have largely delivered negative returns, underscoring their suitability only as a long-term investment avenue. Only the SBI ESG Exclusionary Strategy Direct Fund and Quantum ESG Best In Class Strategy Direct Fund have been around for 5 years, during which they have generated returns of about 16.67% and 18.7%, respectively. <keyword id="23760036" type="General" weightage="20" keywordseo="ESG-mutual-funds" source="keywords">ESG mutual funds</keyword> typically select and invest in companies that are ESG-compliant, i.e., who weave in environmental conversation, social welfare, and robust <keyword id="20392393" type="General" weightage="20" keywordseo="corporate-governance" source="keywords">corporate governance</keyword> practices into their working philosophy and work ethos, while simultaneously generating decent financial returns for stakeholders as well.

SEBI mulls measures to facilitate ease of doing business for ESG Rating Providers (ERPs)

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Almost Friday! Yesterday, I asked you if <a target="_blank" href="https://www.businessinsider.com/tiktok-ban-bytedance-lawsuit-us-government-free-speech-national-security-2024-5">TikTok should be banned in the US</a>. More than 60% of readers said they support the ban.In today's big story, we're looking at how Corporate America is rethinking its sustainability and diversity efforts amid a push <a target="_blank" href="https://www.businessinsider.com/woke-capitalism-reversal-google-unilever-bud-light-esg-dei-2024-5">to avoid being labeled "woke."</a>What's on deck:<ul><li>Markets: A Wall Street tragedy has led to a <a target="_blank" href="https://www.businessinsider.com/wall-street-transfixed-by-bofa-banker-leo-lukenas-untimely-death-2024-5">reexamination of junior employees' workloads</a>.</li><li>Tech: Apple's iPad ad is literally <a target="_blank" href="https://www.businessinsider.com/apple-ipad-pro-ad-crush-tim-cook-ratioed-2024-5">crushing everything we love</a>.</li><li>Business: No, seriously. Where are <a target="_blank" href="https://www.businessinsider.com/tiktok-bidders-where-are-they-2024-5/">the TikTok buyers</a>?</li></ul>But first, let's not talk politics.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="a1cd63c0-3a54-45a2-a2ec-6d103b0fd91c">The big story</h3><h2 id="f18963ef-52da-45b4-9377-ee4e0a6be7ac">The great un-wokening</h2><div type="image" title="man shushing" height="586" width="1190" msid="109986791" hostid="261" sizebytes="60674"></div>"Go woke, go broke!"The rallying cry against companies' progressive campaigns is starting to leave a mark on Corporate America.After years of big promises and grand plans around social issues like diversity and sustainability, <a target="_blank" href="https://www.businessinsider.com/woke-capitalism-reversal-google-unilever-bud-light-esg-dei-2024-5">companies have taken a noticeable step back</a>, Business Insider's Emily Stewart writes.DEI and ESG — the two acronyms at the center of these debates — are MIA, according to data Emily got from FactSet. Mentions of ESG on fourth-quarter earnings calls in 2023 compared to 2020's Q4 dropped more than 78%. DEI's decline was even larger during that time frame, falling 88%.The so-called "great un-wokening" in the business world could be a product of the current economy.When business was booming and stocks were only going up, companies were happy to talk about how they planned to improve the world.But it's not 2021 anymore. Interest rates are a long way from zero, and the threat of a recession still feels very real. Rather than stick their neck out for causes that could alienate customers, companies are just worried about keeping their heads above water.The shift from businesses touting progressive ideologies hasn't always led to a boon for conservative ones.An "anti-woke" bank backed by Peter Thiel <a target="_blank" href="https://www.businessinsider.com/anti-woke-bank-backed-peter-thiel-folds-after-three-months-2022-11">closed three months after it was founded</a>. And right-leaning companies that went public amid the SPAC frenzy <a target="_blank" href="https://www.businessinsider.com/trump-media-stock-price-crash-spac-djt-truth-social-2024-4">haven't soared</a>.Trump Media, former President Donald Trump's social media company, has managed to maintain a lofty valuation that <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-media-djt-stock-overvalued-per-user-social-media-tiktok-2024-5">seems to confound even bankers</a>. But it hasn't come <a target="_blank" href="https://www.businessinsider.com/trump-media-collapse-rally-meme-stock-djt-2024-5">without plenty of volatility</a>.Meanwhile, those caught up in the public fight against "woke capitalism" are trying to rebound.Take Bud Light. The backlash from the beer brand's partnership with transgender influencer Dylan Mulvaney cratered sales and AB InBev's stock. <a target="_blank" href="https://www.businessinsider.com/bud-light-transgender-controversy-backlash-boycotts-history">Layoffs ensued</a>.Things have settled down more than a year later, but scars remain. The stock is still shy of where it sat before the controversy. But Kid Rock, who filmed himself shooting cases of the beer, seems to have <a target="_blank" href="https://www.rollingstone.com/culture/culture-news/kid-rock-bud-light-conservatives-heartbroken-1234930200/">come around on the brand</a>, so there's that.Corporate America's approach going forward might be to avoid politics altogether, especially in an election year, in an attempt to stay above the fray.<h2 id="61c0993e-54a5-433d-b009-54337b74dc71">3 things in markets</h2><div type="image" title="BoA red background with man" height="830" width="1118" msid="109986792" hostid="261" sizebytes="41078"></div><ol><li>A banker's untimely death raises questions about Wall Street's working conditions. A 35-year-old Bank of America associate who was a Green Beret died after closing a deal. Now Wall Street is <a target="_blank" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=44cfa4642a1348deae926f4dcb009c36&amp;_e=a3OEZNv-p3TKXZRGnxVGQdiMfZFBokeJdlze5EMcBLAYiFfLFJW1WJUTIEqy7Sf9K0nT581vq05lyW_Wh7vWwemQPvvi2e-uucwTcoqkx_BAv7_B1ksFlWQoXXDi8-YuLwDAgalImT3s5puZHVz1y-1Ik9uVG_A7BJGXcGpbogmqULDC2m733CCBn5DdVGUMU3wPROPlUuDOwM4x--2l31UOt6N0zkaB8NvGO0TGyUx4QOTQrUWREAj4SoYNxJ1SOG4qIrkjnSkBSRMgrao2W04gv3Td-axIg1GeVt081qUhURGBSu8bNDb5JqHgYxZ32xfSf7GwhhiYRgUGo-BRXCkykf95gFScoIp6Ys2U3XylNQOoxkSDqklKuFEsXjuXnO0C1Pei-LooZQyI9vwApVGco5BvDjFDrYQ6Q9zddjI5D5YOJ0hKEkgNgkIGbVEWYsVGDEB-q7RwsIKduu49eQ%3D%3D">questioning the onerous demands of the industry</a>, where 100-hour-plus weeks can be the norm. </li><li>The best of Warren Buffett. The legendary investor discussed AI fraud, fiscal woes, and bad bets at Berkshire Hathaway's annual meeting. <a target="_blank" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=44cfa4642a1348deae926f4dcb009c36&amp;_e=a3OEZNv-p3TKXZRGnxVGQdiMfZFBokeJdlze5EMcBLB9uhaFx9DJ3KCGIIvB6i-O1cqJDTfkS0YZQ4s9ht2age1tXOlq0ioz1tInsiQ-d6bWTEqppghv6-g9l60IXusoGenAsfBsxodEqr9iCXPbMKnfpGJ4z2WFiJjBPQqSVKxo0yVEI995E8Z5xaBQR-9k4OO-e33t6D0RIaQZVv8T7cGbl3zbHARbuIaIpzuPhUEi98dtwprbns4D55NAvmXKTBYnOBUsPCEvTuy46YEBawXKlMoaLbb1845UxC__VCFIraCJ8eJ_QW2U7WNP4HRL1s1d7EB2yCdwcHsjbmFPcsTRrHk9dlRMXWYvXUQTNOEkPysQffCOk8mP31f4gTVC8XvnyqLevbat7ePs-3FgFI_Di5MtXlV6tV-TH8hmLXCk2N8Ek4KHLECSBR0Qy8_UbSUlLhG3nVQ8Cknpn-bgmg%3D%3D">Here are 15 of his top quotes from the event</a>. </li><li>China's central bank is on a gold-buying spree. According to official data released on Tuesday, <a target="_blank" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=44cfa4642a1348deae926f4dcb009c36&amp;_e=a3OEZNv-p3TKXZRGnxVGQdiMfZFBokeJdlze5EMcBLCiXVjB7buYzKUzg2vprAeeW3d8GTtSNglpiF6eJO4DOUJ-BLIEzRxqQRsoT6voA3cHvh8Umh4mdHrxwjTESZrDWsADOnMO_7cFx8WpLanOWseljYqt2yCrnBCaaTcpW0BK8NrgyXfG2MqzS1c8LNioQa70D0HKq6gEMCv64iKdTDRIKrhuV9NS9QYoGN2mejkVPcnQIf0gaKgOrOIAuqyI0GdRq6DIp7mrduclyeYzs-G4zvhRCWBO0CpfkjrUaAFtA8iHXO7bgeHTWrvU63VSrkHlR5MC4OeVEPmNwyLtVHLn0oBcmSO_gXDhCtgNmHmvAzbxUxuw_GvJKk3csHSmgZ72zvrYrp-BnQ8jgJp5KG_Rr1lJfq3-ibIEuS36lEfhjVPyXuREjviVQMvBZlTyKqek7mufJbdRUzPj6qIKYg%3D%3D">the People's Bank of China loaded up on the precious metal</a> for the 18th straight month in April. It's trying to push back against the soaring US dollar, which is making it too expensive for Beijing to import goods.</li></ol><h2 id="f1bd2617-918d-464a-bf8c-ee13c502933b">3 things in tech</h2><div type="image" title="bill gates" height="840" width="1128" msid="109986794" hostid="261" sizebytes="51558"></div><ol><li>Viewers are not pleased with Apple's iPad ad. The video shows a pile of creative tools — cans of paint, a piano, a trumpet, books — <a target="_blank" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=44cfa4642a1348deae926f4dcb009c36&amp;_e=a3OEZNv-p3TKXZRGnxVGQdiMfZFBokeJdlze5EMcBLAqO9EvAcyC0jIP8INPAV0bBBv-hMaPKsAtR83qEXYOG_v3nh9hETFzz-AKt7hAwbsX606c-4xjWngbmG-N8GfezrnEMIE4mVrBLy2ryq93otvHclygCd2qrIJzV9F6i2myprA_60z-nHjtRKAzYm-QPHQOcp9fO-qEz7teFdMLrtHsegbx3J9VJcjJ9GcXYIjx4YXOZwKvEnOzuv67HY31E-spGui5k6OLzy6j41hKYfo37TU6LxB3FLQmJnJvQENp4h5hDCsiVJEioLJ4RhsSaw7aGR-y6QIqc28IPVrrLD0M5G-6a3OakXFQwKbTgohq1Y4WztoHQMXwEOH8nrPsBuwsPbaTqieAahdpDkJFx0bBZihyaMYTPCd7Z-fhQ6Q%3D">slowly crushed in a hydraulic press and replaced by an iPad</a>. In a rare misstep for Apple's advertising, the video hit a nerve for people concerned about tech replacing human creativity.</li><li>Merit raises are back at Microsoft. After freezing salaries last year, the company <a target="_blank" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=44cfa4642a1348deae926f4dcb009c36&amp;_e=a3OEZNv-p3TKXZRGnxVGQdiMfZFBokeJdlze5EMcBLCGGzUL8r8A0dw2HtaLeb5ylt25aE4X5YhdEt0xj8dgYRs8PBA1KdUTfl8qaKB4CGL75BAvIdvE6M8G3i5v6YEUN3jQmIR2gO9-lYwWaQgFuYw3rMZPVWiPFiDOkmb2Io1PpR8Zc841THXeX3f74ZYAt2zsr4V3FTXoy7lxsGwYBsmvl3UyefjkSxt3sMYmhehL-DGMzJh87LC2K5sn6NWbF9u42AtMQPef90sw9BUQEHXJq-1xAm_F5zAm5V1C4V36qb115RC8QIrPifQ95DYjvLGjq_habdKDVqXzdvWqrIFLyxeMEACKSpnFa8Yxqe-UdHW9r5SXEV-kI2UwQ6IfRrmNcMMmhmxH--GIFc6viBb9DCTkaEIQjwVWmFtaNJubuKFJSB5eesVrrfIaraK9">plans to restart performance-based raises for some employees</a> during this year's review cycle. The past year has been marked by internal dissatisfaction over pay.</li><li>Tesla's hiring freeze. The electric car maker axed more than 3,400 job postings in North America <a target="_blank" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=44cfa4642a1348deae926f4dcb009c36&amp;_e=a3OEZNv-p3TKXZRGnxVGQdiMfZFBokeJdlze5EMcBLBuzSFB4yDqPRWmjEJplKEqNkyPzkAhxPQNB9IoGkP12oRzZ1cK1qsJ_zCuK8AitBjlZOe8rFSPu2zH9UIHWxd2A1_uZgR16JH0mucXO69E9jRRcQdEKZI8q_6UhNEvFeL9nyrgoLvPENiEDH1v_PSXGQkSvGVMHU95h5U5hOSw0idqH3YXbnFPg_uNb3VeTyYRfMSXBIzXxSUsBmJSweVdOI7s7Mq8ewgoJln5dbDjeQoJRaIJgM3vchG8PKV5Yap_5V95zI9gYNG2SCtrQ7SLljS-X8hgRdt_pK8wGL3yze1c0gxllg-DoiEuv4FWroxk36IeTdSLMX875hPjZa9tr4JggJQ7WtTFUzNgOC6zmBrPGtGy6cz-Gmfw3FaTJ7xxoc_KI2PpnzipMmq6JSDj">down to just three</a> on Wednesday. The move comes as Elon Musk's company presses ahead with layoffs in a bid to cut costs and reassure investors.</li></ol><h2 id="a3fdf644-82fd-454d-9556-d06fa445ac2d">3 things in business</h2><div type="image" title="man with blue background" height="546" width="1116" msid="109986795" hostid="261" sizebytes="7310"></div><ol><li>Where are all the TikTok buyers? Former Google CEO Eric Schmidt decided against buying the company, leaving a really tiny list of people who say they want to buy TikTok. It could (theoretically) be Steve Mnuchin or Kevin O'Leary, but that's about it. <a target="_blank" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=44cfa4642a1348deae926f4dcb009c36&amp;_e=a3OEZNv-p3TKXZRGnxVGQdiMfZFBokeJdlze5EMcBLA8pxSd8FI1p56lpAcnj2YJYnRINSRnNPRCFyAx5P60Jbi8FdQNFL2r44lT63oihgVdT8aFB7lMALAxz2x9ngHi67S0rVhX2BRKEPXRYljDrgieBPm0Zkjmsx2Kd4yiVVFLLNrN8ufZtwQRmeZ5ZIJy5CzhcIClDz6LLKxvKj4YTGkgMojA6RTDqrZPv56J_UxvVxpEJ_LSbybUD-chjj73k2OdJ7n-qyP78-nbTq1hm6xr_m1mGW3DjYrq6vv-_Swi6tT0qaq3u0ABuO8MAl2oYDSgOcJ5HW7Trip5-UuBQKNRiWbsgTOuDM8TCdQdh1EgE5k-Ov_snyEpsejY4BhdQOwsmkRwDnyOWAGegfuNcg%3D%3D">We have some theories</a>. </li><li>Google is capitalizing on the TikTok ban. According to an internal document, Google is telling salespeople to highlight the possibility that TikTok could be banned in the US. It's an attempt <a target="_blank" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=44cfa4642a1348deae926f4dcb009c36&amp;_e=a3OEZNv-p3TKXZRGnxVGQdiMfZFBokeJdlze5EMcBLCYSXW2NoE_FIKmupiFFpQvTKJBIFE5JJ5DXxV2EwrD94BKLiSeBAkj8msxdzeKLYaPPX9jTqA3QxZ9hRk3IHJeNK3BBOAfSNdzTf9HkNw-Wc-aC1glIzQM_jy2BrTq2NXDZK_vuCaE9y6Mg_fcUY_V8wLEHpeRXAsP4oLr7-17LnKMwQV6KOHXHHrFkmBgoEzpPTHxA93dcokbPzdp7BLHwDvZn7LX2r73W-1FTBM5ZDjUQCr6MsJyQZ99V7e1GN0l0kgmmgB-A91dCX9lcoIs8ughLBQlYBa0Rrz5VIumWX1MrmvtFDQvon84v43ZtkVZxWS4xoD4VYpY93Uo9uSlzFyXAaPHUp-Vup-JOInic9KK26T7DAySZN1vdi5mnHo%3D">to nudge advertisers to spend more on YouTube</a>. It also comes as YouTube tries to capitalize on <a target="_blank" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=44cfa4642a1348deae926f4dcb009c36&amp;_e=a3OEZNv-p3TKXZRGnxVGQdiMfZFBokeJdlze5EMcBLDhYS6uvWcyUOlyaSpiMf4sQZV8zKNDn0taCqww3IzbSaR5SrEqKudexnx8q5ObPkuUBz58eMXvwoEj0XC92qCAo3KlY_lCFHGv68PB7CYxqI09S7WG8haAD8i4yOdjlWNMFuu5-PriqkbDmUq7VDSSYNWd1znEMCt_A4xe30LaIR_X2Kw8fHcwi4N8eYPpGAEJF8hk4TGSdlpcsCsibTKaL8gN7WuekuCZk2XcF2OJReOOR7O3M76JiHdljGMS9BrMSN7m9cNB0EarXcYFCXKRnfFtObatam99pWYycHVodzVU-s5bxomp5hRtvDnCuMfVVcFAMK-GDq8jise1sg095gWTcVvICNr7T_Ck8KMWPUxhlAsZx2Xkf3fBa3THiF8bo4FZzgs1GpSo0A8MaF9w">its status as the top streamer</a>. </li><li>The dark heart of modern chess. Thanks to the pandemic's forced isolation and the Netflix smash hit "The Queen's Gambit," the game has never been more popular. But chess's ugly side has also never been more exposed — it's a <a target="_blank" rel="noopener" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=44cfa4642a1348deae926f4dcb009c36&amp;_e=a3OEZNv-p3TKXZRGnxVGQdiMfZFBokeJdlze5EMcBLAeBHFMoYQrK6jTvQ5g5FJ8Oq96Q0dX5ogZQuOcvt2NCXfwrXKhdGlz9i-2K5ormW0WZJfZ4QH3D4iEG0sw-4TqOgDkDc8uLhhzAdt5EQTkmuAv4RakeijOEj_-kYdtvk0NQD3khdH6rzg4SoUvt47hprU2WsCcmAcu3HmmOM8t7Typz9cwjr1JW9xOlhVcqDKn4dXphWycvqPij1KXq8KxlQEbg7JSl1sOf06tinWta3aMOyp7YAy6CG7l9cNrl0q9xCR_yx2NcCcycxwPGrCipWNauNXVOwu8J_qc-Vp9vt-ctFRxF71hA0-DoYloa7GEaVcWyq5xEV-FkQcWDmr0nM1pWuCycCjPVob4ErEX81-8tOfbbVqcP9UqtsFrrj0-Ely-UVu7HP4geEqazFJZQCzrTPsIfUFVMO096fMcjA%3D%3D">cheater's paradise that's mired in rampant sexism</a>, BI's Rob Price writes. </li></ol><h2 id="28d53e4b-ee00-4d6e-b751-2b2ac31e7169">In other news</h2><ul><li><a target="_blank" href="https://www.businessinsider.com/los-angeles-lawsuit-alleges-rampant-sexual-misconduct-by-teachers-2024-5">A California school district 'ignored and concealed' the sexual abuse of students</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/golden-visas-greece-portugal-spain-boosted-economy-housing-crisis-2024-5">Golden visas attracted wealthy Americans to Southern Europe. Then their housing crisis followed</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/citi-generative-ai-playbook-impact-jobs-tech-wealth-product-2024-5">A top Citi tech exec breaks down the 4 phases of the bank's AI strategy that will impact everyone from operations to wealth and product</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/panera-charged-sips-death-lemonade-discontinuing-lawsuits-why-2024-5">Goodnight, sweet Panera charged lemonade prince</a>.</li></ul><h2 id="cf616bf5-972b-4347-85eb-62a538e187cc">What's happening today</h2><ul><li>Today's earnings: Dropbox, Groupon, and other <a target="_blank" href="https://markets.businessinsider.com/earnings-calendar">companies are reporting</a>.</li></ul>The Insider Today team: <a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, senior editor, in London. <a target="_blank" href="https://www.businessinsider.com/author/george-glover">George Glover</a>, reporter, in London.

How Corporate America is rethinking its sustainability and diversity efforts

<keyword id="19902194" type="General" weightage="20" keywordseo="Anil-Ambani" source="keywords">Anil Ambani</keyword>'s <keyword id="20479923" type="General" weightage="100" keywordseo="Reliance-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Group" meta.hostid="261" meta.entityid="Reliance Group">Reliance Group</keyword> has launched the <keyword id="24017314" type="General" weightage="20" keywordseo="Reliance-Group-Corporate-Centre" source="keywords">Reliance Group Corporate Centre</keyword> (RGCC) as part of its <keyword id="24017313" type="General" weightage="20" keywordseo="2030-growth-strategy" source="keywords">2030 growth strategy</keyword>. "The RGCC will serve as a strategic hub, providing guidance to the Group's companies as they pursue new opportunities and technological advancements," the firm said in a statement. The core team of RGCC will include experienced leaders of the Group -- Sateesh Seth, Punit Garg, and K Raja Gopal. Garg currently leads as CEO of <keyword id="20144587" type="General" weightage="20" keywordseo="Reliance-Infrastructure" source="keywords">Reliance Infrastructure</keyword>, while K Raja Gopal has been at the helm of Reliance Power for six years. He has over 27 years experience in the power sector. Other leaders from the Group companies will also be invited to the RGCC. "The establishment of RGCC aims to harness the in-house expertise of these seasoned leaders to support the Group's forward-looking growth initiatives and cultivate a new generation of leadership for future project," the statement said. The RGCC will play a pivotal role in mentoring and developing emerging leaders, blending experience with fresh talent to propel the Group towards sustained growth. A Reliance Group spokesperson highlighted, "We are thrilled to introduce RGCC, a team of seasoned professionals with a broad spectrum expertise. This strategic move aims to steer the Group's future growth by tapping into the vast experience of these leaders, will help navigate industry challenges and capitalise on new opportunities, drive innovation, and deliver exceptional value to our customers and stakeholders. We believe RGCC will be instrumental in shaping the next phase of our Group's success." In recent developments, Reliance Infrastructure Ltd and Reliance Power Ltd, key entities under the Reliance Group, have achieved zero bank debt status and outlined plans for expansion into new growth areas. Reliance Power has secured 1,270 MW of renewable power projects in Bhutan, while Reliance Infrastructure, through its subsidiary Reliance Defence Ltd, is setting up a manufacturing facility for small arms, ammunition, and explosives in Ratnagiri, Maharashtra, spanning 1,000 acres. "To support these ambitious expansion plans, the companies have announced a combined fundraising effort of Rs 17,600 crore. This includes Rs 4,500 crore via preferential equity issues, Rs 7,100 crore from Varde Partners through equity-linked long-term FCCBs, and Rs 6,000 crore via Qualified Institutional Placement (QIP), with Reliance Power and Reliance Infrastructure each targeting Rs 3,000 crore," it added.

Anil Ambani's Reliance Group sets up centre to helm 2030 growth strategy

A sixth-grade social science textbook that I read described India as a piece of fabric, with countless threads coloured in a myriad of majestic shades, woven together. This metaphor holds exceptionally well when put into the context of our <keyword id="22706215" type="General" weightage="20" keywordseo="handloom-industry" source="keywords">handloom industry</keyword>. India has a rich history of handlooms and weaving cultures. The culture of handlooms is so intricately woven into Indian culture, that there are whole towns dedicated to the same: <keyword id="248532" type="General" weightage="20" keywordseo="Chanderi" source="Orion">Chanderi</keyword> in Madhya Pradesh to Pochampally in Telangana and a dozen more! Unfortunately, the handloom industry in India is dying. The struggle is multi-faceted, ranging from a declining workforce to fierce competition from <keyword id="20496028" type="General" weightage="20" keywordseo="power-looms" source="keywords">power looms</keyword>. Hence, five years ago, August 7 was proclaimed <keyword id="22677698" type="General" weightage="20" keywordseo="National-Handloom-Day" source="keywords">National Handloom Day</keyword> in response to this crisis and to heighten public awareness. This date holds special historical significance, commemorating the initiation of the Swadeshi Movement in 1905—a pivotal act of defiance against British colonial rule. <h2>When did this industry come into existence?</h2>According to archaeological findings, the origins of handloom in the Indian subcontinent may be traced back to the Indus Valley Civilization. The Mughal Empire was known to support and patronise <keyword id="20258864" type="General" weightage="20" keywordseo="weavers" source="keywords">weavers</keyword>. The support from the royal patrons resulted in the invention of new textiles such as ‘Mulmul’ and ‘Banarasi Brocade’ among others. This era witnessed a heightened worldwide demand for Indian textiles. In the 17th century, India produced 25% of the world’s textiles, with Bengal accounting for more than 50% of textiles and 80% of silks imported by the Dutch from Asia. <h2>What led to the decline of the <keyword id="19934660" type="General" weightage="100" keywordseo="Indian-handloom" source="keywords">Indian handloom</keyword>?</h2>The East India Company's entry fuelled the industry's initial decline, which started in the 1830s. The weavers were obliged to sell only to the British, and that too at exceedingly cheap prices, virtually putting them out of business. On the other hand, Indian cloth was taxed excessively to promote machine-made British clothing. The Industrial Revolution in Britain strengthened their indigenous textile industry, giving rise to new markets for cheaper textiles. In India, the collapse of the Mughal aristocracies meant no access to royal patronage. As a result, textiles like Khadi and muslin had little demand in the market. Circling back to the present, the industry is facing both similar and new challenges. Fabrics made on power looms are cheaper and faster to produce, in comparison to handloom fabrics. The industry is largely unorganised, and the wages are shockingly low. 67% of <keyword id="22706216" type="General" weightage="20" keywordseo="handloom-workers" source="keywords">handloom workers</keyword> are earning less than the minimum wage every month. Faced with economic challenges, the older artisans are thus forced to encourage the newer generation to choose an alternative career path. This migration of the workforce from a traditional sector is evident from the fall in the number of weavers less than 35 years of age- from 26.13 lakh in 2009-10 to 16.07 lakh in 2019-20. The majority of weavers do not have access to banking facilities, let alone institutional credit. Furthermore, if one manages to accumulate credit, there is a mismatch between the supply and demand forces due to the lack of awareness about handwoven textiles in the current generation. <h2>Initiatives for revival</h2>The cultural significance of the Indian handloom isn’t just limited to its beauty and extravagance, but it extends to our independence struggle as well. The Swadeshi movement immortalised the charkha and advocated for the use of indigenous goods. Following independence, the Indian government took many measures to revive the handloom industry. In 1953, India’s Parliament approved the Khadi and Other Handloom Industries Development Act. In 1955, the All India Handloom Fabrics Marketing Cooperative Society was formed to promote the sale of fabrics produced by handloom cooperatives across India. The National Handloom Development Programme (NHDP) aimed to provide financial assistance for marketing and production. The Handloom Weavers’ Comprehensive Welfare Scheme offers health and life insurance to weavers, to ensure social security. The organisation commenced a fortnight-long exhibition, “VIRAASAT” dedicated to celebrating the 10th National Handloom Day began at Handloom Haat in Janpath, New Delhi on Saturday, 3rd August 2024, and will conclude on 16th August 2024. The Handloom Mark scheme was introduced to authenticate handloom products, thus enabling weavers to gain better market access and ensuring that consumers get genuine products. Moreover, the India Trade Portal also mentions that the GOI plans to provide financial assistance of Rs. 30 crore to at least 10,000 handlooms. Various state governments also regularly conduct handloom expos and fairs, providing platforms for weavers to showcase and sell their products directly to consumers. <h2>Contemporary Brands and their love for Indian handloom</h2>Modern, popular designers such as <keyword id="8264" type="General" weightage="20" keywordseo="Sabyasachi" source="Orion">Sabyasachi</keyword> and <keyword id="21493890" type="General" weightage="20" keywordseo="ritu-kumar" source="keywords">Ritu Kumar</keyword> are known to work closely with weavers and have been doing their part by bringing worldwide attention to the handloom industries. Recently, <keyword id="1472101" type="General" weightage="20" keywordseo="Ajrakh" source="Orion">Ajrakh</keyword> was brought into the limelight when Alia Bhatt wore a custom Abu Jani Sandeep Khosla Ajrakh saree to Joy Awards in Riyadh. However, it’s not just the fashion moguls who are working towards the revival of this industry. Contemporary indie brands are partnering with local weavers, and creating awareness about their work. The emergence of such indie brands and their association with local artisans is beneficial for both entities. For instance, Joskai Studio derives its name from ‘Joskai’, a woven piece of cloth worn as a part of the traditional costume of the Tiwa community of Assam. They work with artisans in northeast India, specifically from the weaving village of Saualkuchi in Assam. Rouka by Sreejith Jeevan is a Kerala-based brand that works strictly with weavers from Kerala, specifically Chendamangalam and Kuthampally. <h2>Employment and Exports</h2>According to the Indian Trade Portal, the Indian handloom sector is the country’s second-largest employer after agriculture in rural areas. The Handloom Census 2019-20 mentions that the industry employs about 35,22,512 workers across the country, with women forming 77.29% of the workforce. India is the second largest exporter of handloom products in the world, with exports valued at $ 353.9 million in 2017- 18, as per EXIM bank's working papers. The major handloom export centres are Karur, Panipat, Varanasi and Kannur where handloom products like bed linen, table linen, toilet linen, floor coverings, and embroidered textile materials and curtains etc. are produced for export markets. During April 2021-February 2022, India exported handloom products worth 1693 crore, as per Indian Trade Portal. Indian silk scarves also form a sizable chunk of total handloom exports, in addition to home textiles like carpets, rugs and mats, which constitute over 13.6% of India’s total handloom exports. <h2>The Path Forward</h2>The mere existence of organisations and allocation of funds isn’t enough to sustain the legacy of India’s rich handloom industry. Big corporations working with local weavers ensure employment but don't protect them from exploitation and meagre wages, leaving them vulnerable. The people in power ought to come up with strategies that ensure the trickle-down effect of the schemes and funds. The new generation of buyers has a greater purchasing power than the one before them. Marketing focused on bringing Indian handloom practices into the limelight can do wonders in this case.

Fabric of a nation: Sustaining India's handloom legacy in modern times

India's corporate credit landscape is showing positive trends that are expected to persist, according to a recent report by <keyword id="19990557" type="General" weightage="20" keywordseo="SP-Global" source="keywords" meta.keywordsubtype="org" meta.entityname="S&amp;P Global" meta.hostid="261" meta.entityid="S&amp;P Global">S&amp;P Global</keyword>. The report highlights strengthening credit quality across various sectors, driven by enhanced <keyword id="20994126" type="General" weightage="20" keywordseo="financial-discipline" source="keywords">financial discipline</keyword>, broad-based <keyword id="19899597" type="General" weightage="20" keywordseo="earnings-growth" source="keywords">earnings growth</keyword>, and robust liquidity profiles. S&amp;P Global's analysis reveals that one in three ratings within India now shows a positive outlook, marking a significant shift after three years of net positive rating actions. The report indicates that corporate India has built greater resilience against downside risks, reflecting a more stable and robust credit environment. However, corporate leverage in India is expected to decline marginally, even as capital expenditure (capex) rises by 30% compared to pre-pandemic levels. This improvement is attributed to more entrenched financial discipline among companies, which have managed to balance rising capex with prudent financial management. The report forecasts a 10% growth in aggregate EBITDA in 2024, driven by strong performance in sectors such as telecommunications, airports, commodities, and chemicals. This broad-based earnings growth underscores the resilience of corporate India and its ability to generate substantial cash flows despite a challenging global environment. Indian companies are benefiting from strong onshore liquidity and the absence of large debt maturities, which support their liquidity profiles. The resilience of these companies to foreign exchange and interest rate volatility further strengthens their liquidity positions. Corporate India's positive credit trends are closely linked to broader economic drivers such as GDP growth. Increased consumer spending is bolstering sectors like airports, automobiles, and telecommunications. Meanwhile, infrastructure investment is significantly boosting the commodities, utilities, and commercial automotive sectors. S&amp;P Global notes that both infrastructure and non-infrastructure sectors are experiencing reductions in leverage, with absolute debt reduction more pronounced in non-infrastructure sectors. However, infrastructure entities are slower in reducing debt due to higher capex, particularly in energy transition initiatives. Operating cash flows across sectors are outpacing capex, supporting further deleveraging. While capex intensity remains higher in infrastructure sectors, the neutral free operating cash flow is seen as a positive trend, indicating that companies are managing their capital expenditures efficiently while maintaining cash flows. The transportation infrastructure sector is benefiting from traffic growth and tariff increases, with rising cargo volumes supporting port revenues and improved operating efficiencies boosting margins. Airports are also experiencing higher traffic levels and tariff increases, contributing to better operating cash flows and overall credit quality. In the utilities sector, rising demand and new capacity are driving earnings growth, though capex remains high, particularly for energy transition projects. The steel sector is expected to see increased operating cash flow due to falling input prices and new capacity additions. Earnings in the oil and gas sector are expected to remain stable, supported by a favorable price outlook and consistent production levels. The telecom sector is also on a path to significant deleveraging, with capex expected to moderate following the 5G auctions in 2023. The auto sector is witnessing sustained operating performance as volumes stabilize after the supply chain disruptions of 2022. S&amp;P Global notes that debt levels in the auto sector are expected to remain low following sharp deleveraging, while normalized growth in auto sales and stable margins support the sector's positive outlook. In the chemicals sector, falling input costs and stabilized product prices are expected to drive earnings recovery following a downturn in 2023. Improved signals show a broader trend of recovery across various industrial sectors in India. S&amp;P Global concludes that with the highest proportion of positive credit outlooks in the region, India's corporate sector is well-positioned for continued <keyword id="22758432" type="General" weightage="20" keywordseo="credit-quality-improvement" source="keywords">credit quality improvement</keyword>. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/saraswati-saree-depot-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112457330.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/saraswati-saree-depot-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112457330.cms" target="_blank">Saraswati Saree Depot IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank">India’s wearables market decline for the first time as smartwatch shipments fall</a><a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a>

India's corporate credit quality is getting stronger: S&P Global

Earlier this week, the death of yet another corporate employee shook the nation. Various other incidents also made headlines last month, where employees of some big companies reportedly died of work pressure. With a rise in such incidents, people are talking about the importance of <keyword id="19901232" type="General" weightage="20" keywordseo="work-life-balance" source="keywords">work-life balance</keyword> and <keyword id="19956983" type="General" weightage="20" keywordseo="mental-health" source="keywords">mental health</keyword> at workplace. <keyword id="20253489" type="General" weightage="100" keywordseo="Zoho" source="keywords" meta.keywordsubtype="org" meta.entityname="Zoho" meta.hostid="261" meta.entityid="Zoho">Zoho</keyword> CEO and Co-founder <keyword id="19914274" type="General" weightage="20" keywordseo="Sridhar-Vembu" source="keywords">Sridhar Vembu</keyword>, in a new interview with PTI, has called for a fundamental shift in how companies treat their employees. In the interview, the entrepreneur warned that organisations pushing their workforce to unsustainable limits will not be able to keep up the pace. He also called for a shift in mindset and said that people are being put in a "very big pressure cooker." <h2>Zoho CEO on putting employees in pressure cooker </h2> <keyword id="21154651" type="General" weightage="20" keywordseo="vembu" source="keywords">Vembu</keyword>, who has spent over two decades building Zoho into one of India’s leading tech companies, expressed deep concern over the increasing pressure faced by employees, particularly in large cities. He said that we are creating environments where workers are trapped in a ‘pressure cooker’, referring to the convergence of long working hours, grueling commutes, and the isolation many young professionals experience after migrating from smaller towns. "You already have loneliness, long-commutes, stressful work condition. So, you are throwing people into a very big pressure cooker, and very tragically, some people break, other people are broken," he told PTI. Reflecting on his own experience, Vembu stressed the importance of pacing oneself in order to sustain a long and productive career. “I have been working for 27-28 years, and I hope to work for another 28 if possible. But to do that, I cannot allow myself, or my employees, to burn out,” he explained. He argued that companies prioritising short-term gains at the expense of their workers’ health are doomed to falter in the long run. <h2>What's the solution?</h2>Vembu’s advocacy for a healthier work culture is grounded in his broader vision for corporate India. A long-time proponent of decentralising business operations, he believes that one solution to the high-stress environment is to diversify away from major urban centres. “We bring young people from small towns into big cities, and their first challenge is loneliness. Then, they face commutes that can stretch up to two hours each way, particularly in cities like Bengaluru. It’s no surprise that many feel overwhelmed,” he said. The Zoho chief pointed out that by expanding operations into smaller towns and rural areas, companies can alleviate some of these pressures, allowing employees to stay closer to their homes and communities. This approach, he believes, not only reduces stress but also fosters a more sustainable, human-centric model of growth. Beyond <keyword id="22447710" type="General" weightage="20" keywordseo="workplace-stress" source="keywords">workplace stress</keyword>, Vembu touched on the role of technology in shaping the future of business. He reiterated his call for tighter regulations on big tech companies, particularly in preventing the monopolisation of digital services. Drawing parallels between email, which is an open standard, and messaging services that are often locked within proprietary ecosystems, he urged the government to push for greater interoperability. “Messaging platforms should not operate in silos. We need standards that prevent monopolies and ensure a level playing field for all,” he remarked. Vembu also praised India’s Digital Public Infrastructure (DPI) initiatives, calling them a “shining success story” and a model for other nations. He highlighted how India has become a global leader in digital infrastructure, with initiatives such as the ONDC (Open Network for Digital Commerce) and the health stack setting new standards for the world to follow.

People being thrown in pressure cooker, different mindset is needed: Zoho CEO Sridhar Vembu on India’s work culture

The ongoing issue involving Supreme Infrastructure India Limited (<keyword id="23294280" type="General" weightage="20" keywordseo="SIIL" source="keywords">SIIL</keyword>) and the State Bank of India (<keyword id="19898108" type="General" weightage="100" keywordseo="SBI" source="keywords">SBI</keyword>) has become a focal point in India’s financial and political landscape. It concerns SIIL’s default on significant loans and SBI’s decision to convert this debt into equity, raising concerns about the precedent it may set for future debt resolutions in India. <h2>SIIL's financial troubles</h2>SIIL, a construction and infrastructure company, was once engaged in large-scale projects such as roads and bridges across India. Over the years, however, the company faced severe financial troubles due to project delays and insufficient revenues. As SIIL’s cash flow problems worsened, it struggled to repay its loans, leading to the company’s default. The State Bank of India (SBI), being SIIL’s largest lender, found itself at the centre of this financial turmoil, as SIIL declared bankruptcy. In response, SBI decided to take an unusual step to recover its dues. <h2>SBI's debt-to-equity conversion decision</h2>In a surprising move, SBI converted its outstanding debt into equity in SIIL. This means that instead of pursuing traditional recovery methods or selling off assets, SBI has now become an equity stakeholder in SIIL, shifting from being its primary lender to part-owner. The controversial decision also involved other lenders who agreed to take a 93.45% “haircut” on the debt, which indicates that they are recovering only a fraction of the original loans extended to SIIL. <h2>Criticism and concerns</h2>The decision has drawn sharp criticism, particularly from political circles. <keyword id="19895371" type="General" weightage="20" keywordseo="Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="Congress" meta.hostid="261" meta.entityid="Congress">Congress</keyword> leader Jairam Ramesh, through a post on the social media platform X (formerly Twitter), criticised SBI’s approach and raised several concerns. He highlighted that SBI’s decision to become an equity stakeholder in a company that declared bankruptcy could set a "dangerous precedent in India’s <keyword id="20575563" type="General" weightage="20" keywordseo="corporate-debt" source="keywords">corporate debt</keyword> landscape". "This arrangement creates a dangerous precedent in India's corporate debt landscape — it encourages other defaulting companies to seek similar deals, where they can retain control and value even after significant defaults," Ramesh noted. <div type="Article" hostid="261" msid="112987756" title="Congress alleges SEBI Chairperson Madhabi Puri Buch of office for profit" mstype="2" mssubtype="0"></div>His concerns extend to how this move might affect the <keyword id="20158086" type="General" weightage="20" keywordseo="Insolvency-and-Bankruptcy-Code" source="keywords">Insolvency and Bankruptcy Code</keyword> (IBC) and India’s overall framework for handling distressed companies. By converting <keyword id="22921090" type="General" weightage="20" keywordseo="debt-to-equity" source="keywords">debt to equity</keyword>, SBI could be seen as aligning itself with the interests of the defaulting borrower (SIIL) rather than prioritising the recovery of public funds, which are at stake in cases involving <keyword id="19959986" type="General" weightage="20" keywordseo="public-sector-banks" source="keywords">public sector banks</keyword> like SBI. “The SBI appears to be aligning itself with the interests of the defaulting borrower (SIIL) rather than prioritising the recovery of public funds,” Ramesh further argued. "The Reserve Bank of India (RBI) needs to step in and examine SBI's decision-making process in this matter." Given the unusual nature of this debt restructuring and the potential risks it introduces, Congress is urging the Reserve Bank of India (RBI) to step in and examine SBI’s decision-making process. Ramesh emphasised the need for regulatory scrutiny to ensure that public sector banks maintain discipline in their approach to resolving bad loans. Congress' position is that SBI’s move could create a moral hazard within India’s <keyword id="19964544" type="General" weightage="20" keywordseo="banking-sector" source="keywords">banking sector</keyword>, encouraging more companies to default on their loans with the hope of retaining control through similar debt-to-equity swaps. Ramesh pointed out that the entire situation raises questions about how distressed assets should be managed by public sector banks, and whether SBI’s actions are truly in the best interests of the public. <div type="Article" hostid="261" msid="113620397" title="SEBI report reveals the ugly truth of F&amp;amp;O trading in India – 93% of retail traders incurred losses" mstype="2" mssubtype="0"></div>"There is a pressing need to ensure that public sector banks maintain strict discipline in their approach to debt resolution and avoid creating moral hazards in the financial system." <h2>Broader implications</h2>This situation shines a light on broader challenges in India’s banking and insolvency frameworks. When public sector banks like SBI take significant financial losses (haircuts) and switch from creditors to shareholders, it risks undermining confidence in the banking sector’s ability to handle bad loans effectively. Moreover, it raises questions about the long-term sustainability of the Insolvency and Bankruptcy Code (IBC) if companies that default can avoid paying back substantial portions of their debt and still retain operational control. (With inputs from PTI)

Congress criticises SBI's decision to convert SIIL debt into equity, urges RBI intervention

The Union Budget for 2024-25, presented by Finance Minister Nirmala Sitharaman, places significant emphasis on <keyword id="19941381" type="General" weightage="20" keywordseo="energy-security" source="keywords">energy security</keyword> and sustainability. As per the government, the current strategy will focus on ensuring that energy resources are readily available, making energy affordable for all citizens and keeping energy costs low to prevent economic strain on consumers. Here's a breakdown of the key initiatives announced: <h2>PM Surya Ghar Muft Bijli Yojana</h2>One of the standout initiatives is the PM Surya Ghar Muft Bijli Yojana. This program aims to install <keyword id="20366573" type="General" weightage="20" keywordseo="rooftop-solar-plants" source="keywords">rooftop solar plants</keyword> across 1 crore households, providing up to 300 units of free electricity per month. As per the FM, the scheme has already seen significant interest, with over 1.28 crore registrations and 14 lakh applications. <h2>Pumped Storage Policy</h2>To enhance electricity storage capabilities and integrate more <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> into the grid, the government will introduce a policy promoting pumped storage projects. These projects are crucial for balancing the intermittent nature of renewable energy sources like wind and solar power. <div type="Article" hostid="261" msid="111956035" title="Union Budget 2024: What FM Nirmala took from your pocket, what she gave you" mstype="2" mssubtype="0"></div> <h2>Development of <keyword id="20876045" type="General" weightage="20" keywordseo="nuclear-energy" source="keywords">Nuclear Energy</keyword></h2>Recognising the importance of nuclear energy in India's future energy mix, the government plans to invest in new nuclear technologies. The announcement also mentioned partnering with the private sector to develop and set up Bharat <keyword id="20260886" type="General" weightage="20" keywordseo="Small-Modular-Reactors" source="keywords">Small Modular Reactors</keyword>. Boasting up to a 300 MW capacity, Small Modular Reactors are mobile, flexible in design and require a smaller footprint. Unlike conventional nuclear reactors that need to be built on-site, SMRs can be factory-built. These advantages can add up to significant savings in cost and construction time. <h2>Advanced Ultra Super Critical Thermal Power Plants</h2>The Budget highlights the completion of indigenous technology development for Advanced Ultra Super Critical (AUSC) thermal power plants. These plants boast higher efficiency and will be established through a joint venture between the National Thermal Power Corporation and Bharat Heavy Electricals Limited. The initiative includes government support for fiscal needs and aims to boost local production of high-grade steel and advanced metallurgical materials. <h2>Roadmap for Hard-to-Abate Industries</h2>A significant shift is planned for industries that are difficult to decarbonise. The government will move these industries from energy efficiency targets to emission reduction targets. This transition will be regulated through the Indian Carbon Market, replacing the current 'Perform, Achieve and Trade' mode. <h2>Support for Traditional Micro and Small Industries</h2>To promote cleaner energy usage and efficiency, the government will conduct energy audits in 60 clusters of traditional micro and small industries, including brass and ceramics. Financial support will be provided to help these industries switch to cleaner energy forms and implement energy efficiency measures. This initiative will be expanded to 100 more clusters in the next phase. As per Sameer Jain, Managing Director at Primus Partners, MSMEs consume approximately 50% of the nation's power needs while generating over 75% of greenhouse gas emissions. As a result, additional support — such as climate financing — will be crucial to ensure that the MSME sector adapts well to the green revolution, especially with how the budget has committed support to MSMEs to grow and compete globally. <div type="Article" hostid="261" msid="111953230" title="Union Budget 2024-25: Mobile Phones to get cheaper, as FM Nirmala Sitharaman reduces basic customs duty to 15%" mstype="2" mssubtype="0"></div> <h2><keyword id="22521154" type="General" weightage="20" keywordseo="climate-resilient-crops" source="keywords">Climate-Resilient Crops</keyword></h2>The government will release 109 high-yielding and climate-resilient varieties of 32 field and horticultural crops for cultivation by farmers. With the provision of research funding, including for the private sector, this move is part of a broader strategy to enhance agricultural productivity while adapting to climate change. <div type="Article" hostid="261" msid="111957080" title="What does Union Budget 2024-2025 have in store for farmers and the agricultural sector?" mstype="2" mssubtype="0"></div> <h2>Minerals for Green Technologies</h2>To support the growing demand for minerals used in green technologies, such as cobalt and lithium, the budget proposes exemptions from custom duties for 25 critical minerals and reduction on basic customs duty for two other essential metals. This move aims to bolster the domestic manufacturing of batteries and other components crucial for electric vehicles and renewable energy technologies. <h2>Development of Climate Taxonomy</h2>A new climate taxonomy will be developed to guide the green transition, ensuring that investments and policies are aligned with the goal of reducing carbon emissions and promoting sustainable practices. All in all, the Union Budget 2024-25 sets a promising course for India's energy and sustainability sector. With substantial investments and new initiatives, it aims to accelerate the transition to a greener future, and hopefully take us a step further towards India's net-zero emissions target by 2070.

Free solar electricity to mobile nuclear plants — major sustainability initiatives announced in Budget 2024!

<ul class="summary-list"><li>Tourists globally are spending an average of one more day at destinations compared to 2019.</li><li>Longer vacations are more sustainable, reducing carbon emissions from fewer flights.</li></ul>Worldwide, vacations are getting longer.According to a recent study by <a target="_blank" href="https://mcdsstg.prod.acquia-sites.com/en/resources/expertise/travel2024-preview">Mastercard Economics Institute</a>, tourists around the globe are spending an average of one more day in destinations compared to 2019. In Europe, Africa, and the Middle East, people are extending their trips for two days longer than before the pandemic.This is good news — not just for vacationers — but for the health of the planet, as <a target="_blank" href="https://www.businessinsider.com/how-to-travel-more-sustainably-without-harming-destinations-2022-9">travel can be harmful to the environment</a>."We are in the biggest race of our time — race to net-zero carbon emissions," Paloma Zapata, the CEO of <a target="_blank" rel=" nofollow" href="https://sustainabletravel.org/">Sustainable Travel International,</a> previously told Business Insider. "And when we travel, we consume a lot of resources."<h2 id="c03bf39f-886b-4360-b2f8-18295af26742">Fewer, longer trips are more sustainable</h2><a target="_blank" href="https://www.businessinsider.com/how-to-travel-more-sustainably-practices-tips-2023-4">Sustainability experts</a> previously told BI that frequent, short trips are more harmful to the environment than <a target="_blank" href="https://www.businessinsider.com/post-pandemic-travel-vacation-micro-trips-2021-1">fewer, longer trips</a>."Fewer but longer trips mean fewer air miles, more money in local hands, and you'll have a more relaxing trip, too," Justin Francis, the cofounder and CEO of the UK-based trip evaluation company <a target="_blank" href="https://www.responsibletravel.com/">Responsible Travel</a>, said.According to the <a target="_blank" href="https://www.epa.gov/greenvehicles/fast-facts-transportation-greenhouse-gas-emissions">US Environmental Protection Agency</a>, 9% of <a target="_blank" href="https://www.businessinsider.com/could-carbon-passport-be-future-of-travel-2023-12">transportation carbon emissions</a> in 2022 came from air travel, and 57% came from light-duty vehicles. And according to Zapata, flights make up at least half of a trip's total carbon emissions.<div type="image" title="A plane flies in the sky against the background of green trees." height="1667" width="2500" msid="110185860" hostid="261" sizebytes="1502926"></div>If those extending their vacations are also taking fewer trips, they're ultimately booking fewer flights, reducing carbon emissions in the process.This is especially true for those traveling long distances, Jessica Blotter, CEO and cofounder of <a target="_blank" href="https://www.kindtraveler.com/">Kind Travel</a>, a public benefit corporation, told BI. She suggests stretching <a target="_blank" href="https://www.businessinsider.com/best-and-worst-parts-about-first-long-distance-van-trip">long-distance trips</a> to maximize the experience so you won't crave another journey anytime soon."Booking multiple, <a target="_blank" href="https://www.businessinsider.com/long-haul-flights-not-worth-it-shorter-trips-2024-1">long-haul trips</a> per year is not sustainable or carbon-friendly," she said.If you want to be more eco-friendly while at your destination, experts also recommend staying at <a target="_blank" href="https://www.businessinsider.com/sustainable-details-new-zealand-first-5-green-star-hotel-2023-2">sustainable hotels</a>, dining at locally-owned restaurants, and shopping for souvenirs crafted by locals.

People are extending their vacations, and eco-travel experts say it could be more sustainable

Unilever spent years crafting its image as a corporate goody-two-shoes. The owner of Dove, Vaseline, Hellmann's, and a bunch of other brands axed quarterly reporting and earnings guidance in the name of focusing on sustainable long-term growth. Under <a target="_blank" href="https://markets.businessinsider.com/news/stocks/paul-polman-former-unilever-ceo-interview-with-ketan-patel-force-for-good-1032644771">Paul Polman</a>, its CEO from 2009 to 2019, it said it would take into consideration all its stakeholders, not just shareholders, and set out to halve its environmental footprint — including greenhouse-gas emissions, waste, and water use — while doubling its sales over a decade. Five years and two chief executives later, <a target="_blank" href="https://www.businessinsider.com/dell-unilever-scale-back-esg-marketing-amid-green-hushing-trend-2024-2">Unilever is changing its tune</a>. It's not doing a U-turn on environmental, social, and governance efforts, but it says it's being more realistic about what it can achieve and when. And, oh, those shareholders Unilever wasn't so beholden to? It's paying them a little more mind now, too.Unilever isn't alone in this. Plenty of companies are reining in their rhetoric and in some cases action on issues such as sustainability and diversity. They're being extra cautious about weighing in on the social and political debates of the day, especially in an election year. In some cases they're telling their workers to cool it, too; Google, for example, <a target="_blank" href="https://www.businessinsider.com/googlers-arrested-and-fired-israel-protest-project-nimbus-nyc-sunnyvale-2024-4">fired more than two dozen workers for protesting its contract with Israel's government</a>."Many executives have made the decision that it's sometimes safer to just be silent versus to take a stance, because they have a fiduciary responsibility to their shareholders and their bottom line and are very concerned about how this will be perceived," said Naomi Wheeless, a board director for Eventbrite who was formerly a global head of customer success at Square.Call it the great un-wokening.Over the past decade, many corporations have at least professed to take a more active role in social issues, under pressure from their customers and, more importantly, employees. Companies pushed back on <a target="_blank" href="https://www.businessinsider.com/north-carolina-hb2-economic-impact-2016-9">North Carolina's "bathroom bill"</a> in 2016, and when Donald Trump took the White House, many spoke out against his policies on immigration and the environment. Around that time, the <a target="_blank" href="https://www.businessinsider.com/business-roundtable-ceos-say-companies-must-serve-more-than-shareholders-2019-8">Business Roundtable said it was time to rethink the purpose of a company</a>, and BlackRock's Larry Fink expressed all sorts of thoughts about the importance of companies being responsible social stewards.In the wake of George Floyd's murder in 2020, corporate America <a target="_blank" href="https://www.businessinsider.com/corporate-responses-to-george-floyd-death-analysis-racism-diversity-inclusion-2020-6">put out endless statements</a> about the horror of what had happened and pledged to undertake diversity, equity, and inclusion initiatives. An expectation arose that big businesses would take a stand on issues — if Congress wouldn't do something on guns, <a target="_blank" href="https://www.businessinsider.com/dicks-sporting-goods-stop-selling-guns-more-stores-2019-3">at least Dick's Sporting Goods would</a>."You can almost say that ESG ran unopposed for a few years," said Andrew Jones, a senior researcher at the Conference Board's ESG Center. Then came the backlash. Over the past couple of years there's been an uproar, especially among conservatives, about the rise of "woke capitalism." <a target="_blank" href="https://www.businessinsider.com/bud-light-transgender-controversy-backlash-boycotts-history">Bud Light came under scrutiny from the right</a> when it partnered with the transgender influencer Dylan Mulvaney for a small-scale Instagram campaign last spring. Then <a target="_blank" href="https://www.businessinsider.com/target-pride-month-merchandise-what-is-and-not-included-2023-5">Target took heat about its Pride merchandise</a>, with some customers destroying displays in stores over a campaign it has run for years. These high-profile examples spooked companies, which are now afraid to poke the hyped-up right-wing bear. In the market, <a target="_blank" href="https://markets.businessinsider.com/news/stocks/the-dramatic-downfall-of-esg-investing-1032841040">ESG funds haven't been doing so hot</a>. According to Morningstar, investors pulled $13 billion out of sustainable funds in 2023 amid underperformance and political unease."It's a bona fide countermovement against both ESG and DEI," said Philip Mirvis, an organizational psychologist and research fellow at Babson College's Social Innovation Lab. "Certainly for businesses, this is about making money. And in the conventional logic, all of these issues represent risks."After last year's Bud Light debacle, <a target="_blank" href="https://www.businessinsider.com/bud-light-lost-beer-sales-crown-modelo-lgbtq-backlash-report-2023-6">which was a real blow to its business</a>, executives fear they'll be the next target of some anti-woke outcry. In a 2023 Conference Board survey of more than 100 large US companies, almost half of respondents said they'd gotten some ESG backlash, and nearly two-thirds said they expected the problem to persist or get worse over the next two years. Jones told me the surveys suggest companies are antsy about mentioning DEI too much, too. He said it's not necessarily the case that companies aren't doing any work on sustainability and diversity, but they're definitely changing how they talk about it.The chilling effect is palpable. <a target="_blank" href="https://www.businessinsider.com/blackrock-esg-backlash-larry-fink-succession-2023-7">Fink won't say "ESG" anymore</a> because, he says, it's been "weaponized." Asset managers are <a target="_blank" href="https://files.pitchbook.com/website/files/pdf/Q1_2024_PitchBook_Analyst_Note_The_State_of_Private_Market_ESG_and_Impact_Investing_in_2024.pdf">quieting down on ESG</a> as part of a "greenhushing" trend. Some companies that made a big deal about their <a target="_blank" href="https://www.businessinsider.com/dei-programs-america-diversity-equity-inclusion-pushback-how-to-fix-2024-2">DEI efforts in 2020 are downsizing those, too</a>. Data provided to me by FactSet, a financial-data company, shows that mentions of ESG and DEI in S&amp;P 500 companies' quarterly earnings calls with analysts have taken a nosedive over the past few years. For the fourth quarter of 2020, 131 companies mentioned ESG, and 34 mentioned DEI or diversity and inclusion. For the fourth quarter of 2023, those numbers dropped to 28 and four.While the backlash has certainly driven the quieting, in some cases companies are talking less about their social commitments because they got out over their skis on their pledges. Companies such as AIG, Amazon, and ExxonMobil have scaled back some of their climate initiatives."We saw a lot of companies make very bold commitments — we're going to be net-zero emissions by whatever date, 2040, 2050," Jones said. "And often those commitments came but there wasn't always the underlying work."Alison Taylor, an associate professor at New York University's Stern School of Business who wrote the book "Higher Ground: How Business Can Do the Right Thing in a Turbulent World," told me that, in her view, corporate America's about-face isn't as abrupt as it seems. C-suites have become more Republican over the past decade, and in loudly proclaiming to be do-gooders, companies have also drawn attention to their political donations, which often don't align with their rhetoric. Additionally, the issues dominating political and social discussions are much thornier than they were in the recent past — speaking out against white supremacists in Charlottesville is a bit of a gimme, weighing in on the Israeli-Palestinian conflict is not."Now what we've got is the end of Roe v. Wade, and we've got the Middle East, and we've got issues where they're much, much more divisive and difficult," Taylor said.Taylor, a longtime skeptic of CEO activism, isn't surprised the friendly-corporation-next-door schtick has gone awry, but it has clearly caught some employees unawares. Some corporations have encouraged the creation of employee resource groups, which organize people by social identities and beliefs and in some cases embolden them to push for change. Google workers have previously <a target="_blank" href="https://www.businessinsider.com/hundreds-google-workers-walk-out-zurich-protest-over-layoffs-2023-3">participated in walkouts</a> and <a target="_blank" href="https://www.businessinsider.com/black-employees-unhappy-with-googles-response-to-protests-2020-6">protests and kept their jobs</a>. Many were bewildered to find that this time around, the company was no longer having it. Instead, it's firing those protesting and reminding everyone, "This is a business.""A company is not a democracy, and so all these leaders wanted to imply it was a democracy when it suited them," Taylor said. "Now it doesn't suit them."It's unclear whether this trend of companies trying to stick to straight business is a blip or a more permanent reversal. Bud Light and its parent company, Anheuser-Busch, have generally steered clear of anything that might be read as controversial since the Dylan Mulvaney debacle; their main message since then has been "We love America." Target told me it didn't have anything to share on its 2024 Pride plans yet, but it has publicly acknowledged it's likely to make some modifications. Many of the people I spoke to for this story described executives as more on edge because of the election this year; come 2025, that may ease. The anti-woke crowd is extra fired up about certain issues right now, but that may not last — attention spans are short, and hot-button issues are constantly changing.Still, companies' backing down on sustainability and diversity efforts, even temporarily, could prove short-sighted. Sure, you saved yourself a headache now, but in the long run, setting up a business to weather the climate crisis is a good bet. So is hiring diverse workers and appealing to new demographics. Despite the controversy last year, at the heart of Bud Light's campaign was an understandable business decision: It wants to appeal to a younger, more diverse consumer base.Underlying this all is one central question: Just how "woke" are companies anyway?Commitments to social responsibility are never far-reaching, said Kenneth Pucker, a former Timberland chief operating officer and current professor of practice at the Fletcher School at Tufts University. "It's always on the margins because the main goal of executives — the real responsibility, the way the structure of the system is organized, the way incentives work, the way the rules govern — is money making."This may be a great un-wokening, but maybe corporate America was actually never that committed to the idea in the first place.<a target="_blank" href="https://www.businessinsider.com/author/emily-stewart">Emily Stewart</a> is a senior correspondent at Business Insider, writing about business and the economy.

Corporate America got woke. Now it's having second thoughts.

<ul class="summary-list"><li>Andrew Hanson, now a lawyer, overcame a troubled youth by joining the Marine Corps.</li><li>Hanson pursued education post-military, earning degrees from Stanford and Harvard.</li></ul>This as-told-to essay is based on a conversation with Andrew Hanson, a 35-year-old lawyer based in Virginia. The following has been edited for length and clarity.Growing up without a lot in the Chicago area, I tried to do all the right things to set myself up, like taking honors classes and playing football.I lost my way and started making bad decisions. At 17, I was kicked out of high school because I skipped class to work at my fast-food job and hang out with my friends.<h2 id="ed87844c-cbcf-4457-bd3b-b1fc41bea2d6">I was always interested in the Marines</h2>After getting kicked out of school, I enlisted in the <a target="_blank" href="https://www.businessinsider.com/jd-vance-likely-first-marine-veteran-vice-president-if-elected-2024-7">Marine Corps</a>.I <a target="_blank" href="https://www.businessinsider.com/wildly-successful-people-who-dropped-out-of-high-school-2015-9">got my GED</a> and took 15 units of entry-level community college classes, like English 101 and US History. My recruiter said it would help me get the military <a target="_blank" href="https://www.businessinsider.com/loneliness-epidemic-task-associates-paralegals-workplace-isolation-2024-3">paralegal job</a> I was aiming for, but I didn't get it, so I went into infantry.I left for boot camp in August 2006, graduated in November, and started at the School of Infantry at Camp Pendleton, California, the next month.<h2 id="1c4b943b-814c-4bc2-b9ac-462f6d04d3fe">I was on active duty for 4 years</h2>My first deployment was to Iraq, and then I deployed aboard the <a target="_blank" href="https://www.businessinsider.com/us-warship-repaired-coconut-logs-torpedo-strike-world-war-ii-2023-12">USS New Orleans</a>. The military taught me to push myself, be self-disciplined, manage people and teams, and work in a fast-paced environment.I met my wife in 2008 while stationed in California between deployments, and she became pregnant with our first child as I neared the end of my first enlistment in 2010. I started to feel less invincible and began to think about a new career. I didn't want to be away for months at a time and miss my child's early life.<h2 id="d66570d4-fc87-4f32-a656-fa878e9c2c5a">I left the military and began classes at a community college</h2>Tragically, our first daughter died during birth. My wife and I supported each other and decided to persevere.I was enrolled full-time in an associate of arts program in political science and government, taking four to five classes per semester.I began working the graveyard shift as a <a target="_blank" href="https://www.businessinsider.com/security-guard-high-end-store-pricey-merchandise-2022-10">security guard</a> to make ends meet. I was on campus from 9:30 a.m. to about 3:30 p.m. each weekday. Then, I'd go to sleep and get up to work from midnight to 8 a.m., five days or more a week.<h2 id="daa9ef1c-3de9-4e43-866f-4dd01daba032">I had a real interest in criminal justice</h2>Many of my academic interests pointed toward a career in law, so I began researching what I needed to do to become a lawyer.The military taught me to always push myself above and beyond the minimum requirements. I joined two honors societies and saw that we received letters from universities inviting us to apply.<h2 id="dd5cfad0-affc-43b6-bc5b-1514d8e190aa">I applied to seven or eight universities to earn my bachelor's degree in political science and government</h2>I felt confident that my chances of being accepted by some public universities were promising, but I also applied to some big ones, like Stanford and Columbia.Stanford offered me a place and a <a target="_blank" href="https://www.businessinsider.com/personal-finance/student-loans/how-to-get-college-scholarship">full scholarship</a> through needs-based aid due to my income. Saying yes to Stanford was a no-brainer. Our second daughter was born right before we moved to Stanford.<h2 id="51a1b0b2-bc28-4601-8e8a-f8e0039ad1d6">I struggled to balance full time work and study</h2>My job transferred me, but the hours weren't sustainable, so I quit to focus on being a student. I took out student loans to cover my family's living expenses.The highlight of my time at Stanford was a program called <a target="_blank" href="https://siw.stanford.edu/">Stanford in Washington</a>, where I spent a term in DC, took small classes that engaged in government policy, and worked an internship with the Department of Justice. My family moved with me, and we lived in a faculty apartment.<h2 id="2a7aff8a-0760-472f-9187-5dae7cf65e1d">I enjoyed the Stanford experience so much that I began to think about what next, and all roads pointed to law school</h2>In my junior year, I started studying for and taking the LSAT, drafting multiple essays for different prompts, and getting feedback from trusted sources.Based on my application metrics, I was confident I could get into some schools, but I've also thrown a few Hail Marys in my life, and they've been caught, so I wanted to give some of the top-ranked schools a shot.<h2 id="f29baeda-d884-406c-a212-1de600359679">One of the first schools that I heard back from was my No. 1 choice: Harvard University</h2>When the call came from an unknown number in Cambridge, Massachusetts, I couldn't believe this was happening to me.I saved three academic years of <a target="_blank" href="https://www.businessinsider.com/personal-finance/gi-bill-online-school-travel-the-world-2022-9">GI Bill benefits</a> because of my scholarship to Stanford. The GI Bill is capped at the highest cost of an in-state public school, but they have a <a target="_blank" class="" href="https://www.va.gov/education/about-gi-bill-benefits/post-9-11/yellow-ribbon-program/">Yellow Ribbon Program</a> where schools can agree to work with the Department of Veterans Affairs to cover some or all of the remaining gap.Fortunately, Harvard covered 50% of the remaining gap, so the VA matched and covered the rest.<h2 id="9a622ac6-a691-4644-9e8e-06ab873fd87a">I essentially went to Harvard for free</h2>I took out more <a target="_blank" class="" href="https://www.businessinsider.com/save-plan-blocked-student-loan-borrowers-cheaper-payments-debt-cancellation-2024-7">student loans</a> to cover family living expenses, and our third child was born shortly after I arrived at Harvard.It was very similar to my Stanford experience, where there were many people with extremely impressive backgrounds. Then there were people like me who seemingly 'defied the odds' that we incorrectly believed made places like this out of our reach.The best advice I received during my academic career is that you're not paying for the materials in textbooks so much as the people you meet and the conversations you'll have.<h2 id="2818c779-6aad-47b4-a657-a5dd692619b4">After graduating in 2017, I was offered a job at a top law firm</h2>I now practice securities enforcement at <a target="_blank" class="" href="https://www.businessinsider.com/how-to-get-skadden-fellowship-public-interest-law-school-25-8">Skadden, Arps, Slate, Meagher &amp; Flom</a>, and my salary is in the mid-six figures range.Our fourth child was born shortly after we moved back to DC. After supporting me, my wife is pursuing her career interests with our local county police department.It's pretty amazing that a Black kid from a low-income family who didn't finish high school was able to achieve all of this. I've had no regrets since joining the Marines.I could've made better decisions as a teenager, but that's life. I don't know that I'd be in the same place or have achieved the same accomplishments had I not taken my current path.Want to share your story? Email Lauryn Haas at lhaas@businessinsider.com.

I'm a corporate lawyer with a mid-6 figure salary. Enlisting in the Marines set me up for success.

<keyword id="19895282" type="General" weightage="20" keywordseo="mumbai" source="keywords">Mumbai</keyword>, <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> can sustain 8 per cent annual GDP growth and the conducive macroeconomic configuration may become a launching pad for a step-up in the country's growth trajectory, said an article on the 'State of Economy' in the central bank's March <keyword id="21015227" type="General" weightage="20" keywordseo="bulletin" source="keywords">Bulletin</keyword> published on Tuesday. Over the period 2021-24, gross domestic product (GDP) growth has averaged above 8 per cent. The global economy is losing steam, with growth slowing in some of the most resilient economies and high frequency indicators, pointing to further levelling in the period ahead, said the article authored by a team led by <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword> Deputy Governor <keyword id="20244361" type="General" weightage="20" keywordseo="michael-debabrata-patra" source="keywords">Michael Debabrata Patra</keyword>. In India, real GDP growth was at a six-quarter high in the October-December period of 2023-24, powered by strong momentum, robust indirect taxes, and lower subsidies. The high visibility of structural demand and healthier corporate and bank balance sheets will likely be the galvanising forces for growth going forward. "The world is confronted with large shifts in structure and sentiments, which are either underway or impending," it said. The article noted that the outlook is shrouded with layers of uncertainty, exacerbated by geopolitical and extreme weather risks as well as fragmenting forces. By contrast, it said the Indian economy is experiencing a conducive macroeconomic configuration that can be its launching pad for a step-up in its growth trajectory. "Over the period 2021-24, growth has averaged above 8 per cent; and the underlying fundamentals indicate that this can be sustained and even built upon," the authors said. The current account deficit is modest, external buffers are resilient and fiscal consolidation is into its third consecutive year even as corporations are deleveraging and improving their debt servicing capacity. According to the article, balance sheets in the financial sector are sound and healthy, providing the wherewithal for intermediating the productive credit needs of a resurgent economy. "Financial markets are reflecting these favourable formations. Capital inflows have resumed strongly as investor interest floods back into India," it said. The authors further said technology is offering new growth opportunities to seize by becoming more competitive and efficient. "The time has come to build world class infrastructure, strong manufacturing bases, a high-quality labour force and global leadership in services to convert these favourable factors into opportunities and strengths over the next few decades," they added. The article further said the aggregate demand in the third quarter of 2023-24 was investment-driven, with some indications of a revival of the private capex cycle. Capacity utilisation in several sectors has reached a point where there has to be new investments. "The current financial year will likely see the highest ever length of four-lane roads being constructed, along with the highest ever length of speed or access-controlled highways -- on course to create a world-class road network by 2037," it said. It also noted that the demand outlook for premium consumer businesses is robust and the growth rhythm is expected to persist into the medium-term. This suggests that there are significant per capita income shifts underway, it said, adding that small town opportunities are leading to growth of business across lifestyle segments, with companies that entered these markets enjoying the fruits of being first movers.

You Searched For "corporate sustainability" and got 12 results

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