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Whether profitable or not, there is not a single business whose functions do not influence the environmental and socio-economic realities of its surroundings. But for too long, assessing these impacts was treated as optional, meaning organisations rarely examined and published their footprint. And when these 'good samaritans' did so, many of them turned out to be a marketing gimmick. Whether through responsibility or legislation, companies have serendipitously begun to turn more climate conscious over the past two decades. Currently, about 95% of <keyword id="30287" type="General" weightage="20" keywordseo="SP" source="Orion">S&amp;P</keyword> 500 companies publicly disclose their Environmental, Social and Governance (ESG) data — certainly an instrumental first step in holding key players accountable. While this massive jump in participation from last year is already a welcome move, there is another effect that butterflies from this much-needed mainstreaming: growth in the ESG <keyword id="17836459" type="General" weightage="60" keywordseo="impact-measurement-market" source="Denny">impact measurement market</keyword>. As with many other sectors, <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> has been a leader in the impact measurement and management (IMM) market in the Asia-Pacific region. And it looks like we're only going to be thrust further into the stratosphere in the coming years, claims a new ESG study on 550 major organisations by <keyword id="17836458" type="General" weightage="80" keywordseo="Aspire-Circle" source="Denny">Aspire Circle</keyword> and Aspire Impact. Within a mere decade, the report projects that the IMM global market is set to jump to $32 billion by 2030, spiking fourfold from nearly $8 billion in 2020. This monumental growth will be mirrored by India, who, along with Singapore, is slated to become a major player in the ESG IMM sphere. Our country already boasts a significant market in the Asia-Pacific region, reporting $137 million in revenue in 2020. The report projects that this will likely quadruple to $531 million within this decade. On an overall, <keyword id="115437" type="General" weightage="20" keywordseo="india-inc-" source="Orion">India Inc.</keyword>'s IMM share will likely account for around 2% of the world's market. This is quite substantial for one country, and will no doubt, afford us weighty influence in shaping the next generation of <keyword id="17836457" type="General" weightage="80" keywordseo="ESG-reporting" source="Denny">ESG reporting</keyword>. As businesses inevitably turn greener, India is well poised to become a leader in setting sustainable standards, eventually determining what core business workflows look like in the future. Despite accelerated efforts to meet our national climate determined contributions, we will still need a mountain of action to contribute significantly enough towards mitigating impacts of <keyword id="6361617" type="General" weightage="20" keywordseo="climate-change" source="Orion">climate change</keyword>. This uptick in responsible IMM will undoubtedly streamline climate legislation towards that goal. <h2>Recommended stories:</h2> <div type="Article" hostid="261" msid="100983713" title="Green Revenue-lution: BNEF reveals green bonds worth $43 billion were issued in India since 2014, indicates much more to come" mstype="2" mssubtype="0"><payload><![CDATA[seealso]]></payload></div>

Unparalleled growth potential for ESG and impact reporting in India, says report; can we capitalise?

<ul><li>A 64% month-on-month growth was reflected in green job postings in January. </li><li><keyword id="16662791" type="General" weightage="20" keywordseo="Sustainability-managers" source="Orion">Sustainability managers</keyword>, <keyword id="6270207" type="General" weightage="20" keywordseo="environmental-consultants" source="Orion">environmental consultants</keyword>, <keyword id="16662790" type="General" weightage="20" keywordseo="ESG-analysts" source="Orion">ESG analysts</keyword>, safety specialists and design engineers are the jobs in high demand. </li><li>The automobile industry has also seen a rise in demand for green professionals. </li></ul>According to job search portal foundit (formerly Monster APAC &amp; ME), India’s commitment to achieving a 500-gigawatt clean energy target by 2030 has led to an 81% annual increase in demand for <keyword id="472014" type="General" weightage="20" keywordseo="green-jobs" source="Orion">green jobs</keyword> in January, with metropolitan cities leading the charge. Investments in the green sector have also proliferated compared to conventional fuel-based projects, enabling the creation of substantial jobs across the sector. Moreover, a 64% month-on-month (MoM) growth was reflected in green job postings, with industries such as industrial products, heavy machinery and waste management hosting the maximum share in hiring demand. This is an all-time high for green job postings on the foundit platform with both private and public sector companies integrating ESG (environmental, social and governance) practices as a central part of their business operations and transitioning to clean energy practices. Says Sekhar Garisa, CEO, foundit, “With an allocation of ₹35,000 crore of priority capital investment towards achieving net zero by 2070, the commitment towards addressing climate change and building a sustainable future is evident. India’s solar and wind energy sectors are adding thousands of workers to new projects and will continue to create steady employment opportunities. However, the enormous demand for green roles is quickly outpacing the availability of skilled talent required in these fields. Hence, consistent and intelligent upskilling and development is crucial to create an efficient green workforce in the coming months.” According to the report, among job roles, sustainability managers (26%) are highest in demand as companies across construction and manufacturing consciously try to account for the environmental impact of their activities. Other roles in demand include environmental consultants (11%), ESG analysts (17%), safety specialists (15%), and design engineers (9%). These emerging jobs are the outcome of the growing number of corporations in India recruiting a skilled workforce trained in climate action to facilitate technological shifts and structured financing mechanisms to finally achieve net-zero emissions. Environmental service and waste management industries experienced an astounding 1,765% annual growth in hiring activity. This surge can be attributed to the growing consciousness among Indian companies to safeguard natural resources and ensure proper waste disposal. Moreover, increased emphasis on addressing the pressing issue of rapid urbanisation in India has led to a significant increase in solid waste management initiatives. The automobile industry (307%) has also seen a rise in demand for green professionals. With active measures being taken to cap transport emissions – such as designing sustainably, making better use of manufacturing resources, and sourcing ethically and responsibly – auto manufacturers are also investing heavily in electric vehicles (EVs) to reduce their environmental impact. Moreover, the EV market is gearing up to downsize vehicle emissions, making it one of the fastest-growing markets in the country. Additionally, the demand for green professionals is high in chemicals, petrochemicals, plastics, and rubber (220%) industries followed by FMCG (42%) and construction (30%). Considering the rapid growth in green jobs, there is an urgent need to create a workforce adept in newer skills, many of which are related to technology. The report points out that today's workforce needs to upskill to meet the rising demand as organisations scout for skilled talent in AI (artificial intelligence), automation, IoT (internet of things) and other emerging tech. With the demand-supply crunch that exists in the market today, an expansive and inclusive curriculum that focuses on climate tech, green entrepreneurship and sustainability holds the potential to build a productive green economy in India with sectors such as solar energy, electric mobility, and e-waste expected to create the most jobs in the future, foundit said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-groups-combined-market-cap-crosses-8-lakh-crore/articleshow/98302675.cms">Adani Enterprises zooms 14% as seven group stocks surge – Adani group’s combined market cap crosses ₹8 lakh crore</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/citroen-ec3-vs-tata-tiago-ev-comparison-price-features-and-more/slidelist/98298272.cms">Citroen eC3 vs Tata Tiago EV comparison: Price, features and more</a>

India Inc. sees 81% annual increase in green jobs in January: foundit

Climate change, poverty, inequality, hunger, and multiple other global challenges continue to hamper our journey towards a sustainable future. And businesses play a crucial role in making or breaking the situation. In this regard, sustainability reporting or environmental, social, and governance (<keyword id="77363" type="General" weightage="100" keywordseo="esg" source="Orion">ESG</keyword>) disclosures mirror how the private sector is influencing a positive change. Fortunately, <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> Inc's ESG ratings continuously boost, compelled by enhanced disclosures and performance, as reported by <keyword id="6359483" type="General" weightage="80" keywordseo="crisil" source="Orion">CRISIL</keyword>'s analysis. Based on fiscal 2021 data, a risk assessment of 586 Indian firms across 53 industries shows that most of them have improved their ESG ratings compared to the previous year, owing to more important disclosures and improved performance on several factors. Yet, the fact remains that only one-fifth of the 586 companies assessed published sustainability reports in 2021, shows the report. This is an improvement, as 12 new companies published these disclosures for the first time compared to last year. In FY 2022-23, the situation is expected to change drastically as the <keyword id="63783" type="General" weightage="50" keywordseo="securities-and-exchange-board" source="Orion">Securities and Exchange Board</keyword> of India (SEBI) has mandated ESG disclosures for the top 1000 listed companies. As per the CRISIL report, the hiking ESG scores are visible in renewable energy consumption, gender diversity, and Board independence. When the analytics firm compared this year’s data with the 225 firms analysed last year, 14 exhibited a substantial positive deviation—more significant than a 5-point rise in score. However, three companies showed a significant negative divergence with more than a 5-point decline in the score, while 139 remained generally steady. According to the most recent evaluation by the firm, just 14 organisations fall under 'leadership' classification, while 108 were classified under 'strong' and 73 under the 'below average' and 'weak' classes. "Leaders on ESG have demonstrated a clear commitment towards sustainability and have consistently delivered superior performance. For ESG to truly be embedded and practised in spirit, all stakeholders have to work collaboratively and create a favourable environment for ESG in India," says <keyword id="9407585" type="General" weightage="50" keywordseo="amish-mehta" source="Orion">Amish Mehta</keyword>, Managing Director and CEO of CRISIL Ltd. Globally, the conversation about the environment has centred on greenhouse gas (<keyword id="171507" type="General" weightage="50" keywordseo="ghg" source="Orion">GHG</keyword>) emissions as climate change remains a pressing risk for the business sector. However, only one in five enterprises in India disclosed their Scope 1 and Scope 2 GHG emissions. The report reveals that the disclosure of Scope 3 emissions was worse: just 63 of 586 firms provided this information. “In addition to focussing in the near term on targeted actions such as decarbonisation, a mindset shift is necessary to transform from merely complying to creating value and structurally mitigating risk,” adds Amish Mehta. India is one of 80 per cent of the world's countries committed to Net-Zero and the investment required to make this happen will be substantial! It entails minimising GHG emissions in the next 50 years, which have expanded fourfold in the previous 20 years. Over the next seven years, CRISIL estimates that India will need to invest Rs 22-25 lakh crore in decarbonisation. This involves significant investments in renewable assets and battery technology. Beyond 2030, investments will more than triple in hydrogen, CCUS, pump hydro, geothermal, and biomass-linked technologies, where India's potential is enormous but primarily untapped, says the report. As of March 2022, 82 corporations have vowed to follow the path of net-zero emissions, a 50 percent increase from 2019. As per the non-profit Climate Disclosure Project (CDP), India ranks sixth in the world in this category.

Only one-fifth of India Inc publishes sustainability reports in 2021, but ESG disclosures are improving gradually: CRISIL report

<ul><li><keyword id="5093" type="General" weightage="100" keywordseo="green-carpet" source="Orion">Green Carpet</keyword> helps organizations capture, monitor, analyze and reduce carbon emissions from business travel. </li><li>Air travel is a significant source of global emissions and is predicted to account for 12-27% of global emissions by 2050. </li><li>SEBI mandated the top 1,000 listed companies by market capitalization, to make filings as per the BRSR, an ESG regulatory disclosure framework, from FY23. </li></ul><keyword id="87184" type="General" weightage="80" keywordseo="thomas-cook" source="Orion">Thomas Cook</keyword> (<keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>), a travel services company and its group company SOTC Travel partnered with LTIMindtree, to launch ‘Green Carpet’ – a global platform to monitor and manage business travel emissions. A SaaS-based platform, ‘Green Carpet’ is designed to address specific concerns faced by organizations, helping them capture, monitor, analyze and reduce their carbon emissions from business travel. It also helps them significantly reduce their Environmental, Social &amp; Governance (ESG) reporting costs. Green Carpet enables simplified data capture and analysis of travel emissions with real-time dashboards and adherence to Business Responsibility and Sustainability Reporting (BRSR) and enables adherence to global audit requirements. It has a swift and easy integration with current business travel platforms of corporates, advanced AI &amp; ML to provide analytics and recommendations, and decision making to drive enterprise net zero goals. Says Madhavan Menon, CMD of Thomas Cook (India), “Under its G20 Presidency, India has set ambitious ESG goals, and India Inc. has been called on to implement SEBI’s BRSR mandate starting FY23. At Thomas Cook &amp; SOTC, our leadership in the travel sector formed the basis of our partnership with LTIMindtree — a leading technology solutions provider. Green Carpet leverages the global expertise of Fairfax Digital Services to collectively empower enterprises with the ability to seamlessly monitor and manage business travel emissions and drive their net zero goals.” Global warming and its resultant impact on the environment and mankind forced countries globally to take concrete measures to curb the damage. India is at the forefront of this movement. Union Finance Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> stressed on '<keyword id="399052" type="General" weightage="50" keywordseo="green-growth" source="Orion">Green Growth</keyword>' and clean energy transition in her budget speech delivered in the Parliament on February 1, 2023. Also, SEBI has mandated the top 1,000 listed companies in India by market capitalization to make filings as per the BRSR from FY23. According to the World Resources Institute, air travel is a significant source of global emissions and is predicted to account for 12-27% of global emissions by 2050. Air travel emissions are increasing 70% faster than initially expected by the Intergovernmental Panel on Climate Change (IPCC). It is estimated that business travel represents about 15-20% of global travel. Organizations are hence looking to reduce their business travel carbon footprint. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/co-infection-with-superbug-spikes-covid-virus-replication-by-15-fold/articleshow/98866674.cms">Co-infection with 'superbug' spikes Covid virus replication by 15-fold</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/moodys-downgrades-outlook-for-ubs-to-negative-after-credit-suisse-take-over/articleshow/98866992.cms">Moody's downgrades outlook for UBS to negative, after Credit Suisse take over</a>

Thomas Cook India, SOTC launch Green Carpet to help companies manage carbon emissions of biz travel

<ul><li>Payment for <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> CEOs pay had a 20% variable component in 2022-23. </li><li>The long term incentive(LCI) component has increased to 40% of the total <keyword id="6356362" type="General" weightage="20" keywordseo="compensation" source="Orion">compensation</keyword> up from 26% in 2015-16. </li><li>For board and senior managerial positions, one in three organizations are focusing on improving the diversity levels</li></ul>Top executives in India will see their salaries rise by 9.1% on an average in 2023, as per an Executive Rewards Survey by <keyword id="240071" type="General" weightage="20" keywordseo="AON" source="Orion">AON</keyword>. Findings of the Executive Rewards Survey in India which analyzed data from 519 companies and more than 25 industries projects a 9.1% average <keyword id="10876" type="General" weightage="20" keywordseo="salary" source="Orion">salary</keyword> increase for senior executives in India in 2023. The average CEO compensation is ₹8.4 crore and has increased 21% in the last four years. It rose 5.1%, 7.9% and 9.7% in 2020, 2021 and 2022, respectively. Chief Financial Officer is the highest-paid CXO role, barring CEOs, amongst the BSE 100 companies. CFO is the highest paid CXO role, the salary being double of the CTO which is the second highest paid role amongst BSE 100 companies. Senior executives’ salary increases continue to focus on pay at risk, indicating the emphasis on rewarding executives for the value they bring to the organization. Payment for India CEOs pay had a 20% variable component in 2022-23, while in the US it was 23%. Meanwhile the long term incentive (LCI) component has increased to 40 per cent of the total compensation up from 26% in 2015-16. The study also found that among the top 30 companies in the Bombay Stock Exchange, LTI was provided at 176% of fixed pay for CEOs while it was at 103% for other C level executives like COO, CFO, sales leader and chief human resources officer. The average LTI amount for CEOs for the same set organizations is ₹10 crore. For board and senior managerial positions, one in three organizations are focusing on improving the diversity levels. Boards are embedding environmental, social and governance (ESG) factors, diversity and succession metrics in the long-term and short-term goals for CEOs and executive leaders. However, it was found that 60% of companies don’t measure employee attitudes on ESG initiatives. “In a rapidly evolving, volatile business environment, organizations seek to adopt executive pay programmes that drive the right behaviours, are cost effective and contribute to longterm business results. Organizations can therefore benefit from a data-driven approach to make better decisions regarding complex executive compensation issues while navigating business volatility,” said Nitin Sethi, CEO- Human Capital Solutions, India and South Asia at Aon. Compensation, and its related governance, continues to be an important issue for employers as they strive to build and maintain a resilient workforce. Pritish Gandhi, director and practice leader of the Executive Compensation and Governance Practice in India at Aon, says, “With rising shareholder activism, pay governance has become a key focus area for India Inc. As a result, organizations are updating their Malus clauses which refers to additional checks before vesting of long-term executive incentives – particularly in cases of material financial restatement.” At the same time, claw back clauses which allow organizations to retrieve past pay-outs under exigent circumstances of fraud and misconduct are also being applied for a duration of three to five years, as organizations design their 2023 executive compensation programmes. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/bajaj-finserv-posts-42-growth-in-q3-net-profit-to-1782-crore/articleshow/97441295.cms">Bajaj Finserv posts 42% growth in Q3 net profit to ₹1,782 crore</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/weight-loss-startup-gets-slammed-on-shark-tank-india/articleshow/97440541.cms">SAS Fat to Slim: ‘Dangerous &amp; gimmicky’ weight-loss startup gets slammed on Shark Tank India</a>

Finance over tech: Salaries of CFOs double that of CTOs says AON survey

Opening the High-Level Political Forum on Sustainable Development last year, the <keyword id="6355833" type="General" weightage="50" keywordseo="united-nations" source="Orion">United Nations</keyword> Secretary-General António Guterres stressed that the situation “can and must” be turned around. "We have the knowledge, the science, the technology and the resources”, said the UN chief. “What we need is the unity of purpose, effective leadership from all sectors, and urgent, ambitious action”. As the world faces the ravaging consequences of climate change, biodiversity loss, pollution, pandemic, and multiple socio-economic disruptions, it’s crucial that we combine all our strength and knowledge to pursue sustainable development. Meanwhile, the world is rolling towards a digital future, and the far-reaching influence of digital technology can help adopt sustainable practices, improve resource efficiency, reduce pollution and emissions, and adapt to climate change better. <cmsannotation type="cmsannotation" annotationid="Technology and sustainability" comment="subhead" text="Technology and sustainability">Technology and sustainability</cmsannotation> Emerging technologies like artificial intelligence, machine learning, blockchain, the Internet of Things (IoT), and geospatial mapping have proven potential to assist us in achieving sustainability objectives. And one of the most impactful tools in our arsenal whose full potential we are yet to unlock is <keyword id="14327582" type="General" weightage="50" keywordseo="artificial-intelligence-or-ai" source="Orion">Artificial Intelligence or AI</keyword>. A recent <a href="https://www.nature.com/articles/s41467-019-14108-y">study</a> published in Nature shows that AI can enable the accomplishment of 134 targets out of 169 listed across the 17 UN sustainable development goals (SDGs) for 2030. Business Insider <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> and <keyword id="10387" type="General" weightage="100" keywordseo="microsoft" source="Orion">Microsoft</keyword> are hosting a series of dialogues with industry experts under the “<a href="https://twitter.com/biindia/status/1535238338470629377">AI Innovation series</a>” to encourage the use of AI as an enabler for a sustainable future. In a panel discussion hosted on June 10, experts deliberated on the topic “Sustainability, Tech and India Inc.” elaborating on how technology can unlock innovative solutions to tackle environmental challenges and achieve sustainable development goals. <div type="twitter" handle="BiIndia" handlename="Business Insider India🇮🇳" image="http://pbs.twimg.com/profile_images/1232926719016718336/sfffJHNV_normal.jpg" favoritecount="738" retweetcount="76" status=".@Omkar_Raii @seemapk @jagolives &amp; @Artykulate in conversation with @AshwinRaghunath, at #MicrosoftAI Innovation se… https://t.co/F2US8rHTRr" createdat="1654864317000" id="1535238338470629377"></div>Over the last three decades, digital transformation has enabled greater performance, innovation, and creativity in advancing environmental and socio-economic sustainability. Numerous organisations have used these emerging technologies to find solutions to age-old issues in recent years. Now, it’s time to encourage governments, businesses, and individuals across emerging large economies like India to embrace environmental-friendly behaviours, laws, and business models, aided by digital technology. <cmsannotation type="cmsannotation" annotationid="Panellists' Key takeaways" comment="subhead" text="Panellists' Key takeaways">Panellists' Key takeaways</cmsannotation> <div type="image" title="The AI Innovation series" msid="92562803" hostid="261" sizebytes="112806"></div> <div type="image" title="The AI Innovation series" msid="92562882" hostid="261" caption="&amp;lt;p&amp;gt;The AI Innovation series &amp;lt;/p&amp;gt;"></div> <div type="image" title="AI Innovation Series" msid="92562904" hostid="261" caption="&amp;lt;p&amp;gt;AI Innovation Series &amp;lt;/p&amp;gt;"></div> <div type="image" title="AI Innovation Series" msid="92562920" hostid="261" caption="&amp;lt;p&amp;gt;AI Innovation Series &amp;lt;/p&amp;gt;"></div> Overall, the insightful session concluded with panellists agreeing on technology's crucial role in promoting sustainability. AI, blockchain and other emerging technologies unlock innovative solutions to tackle environmental challenges and achieve sustainable development priorities. The panel hopes that this empowering role of technology in the sustainability journey of businesses in India will help ESG from being a buzzword to being a standard operating procedure for India Inc. Disclaimer: This is a sponsored post in partnership with Microsoft

Sustainability Forum: Industry experts unravel technology’s influential impact in pursuit of sustainable development goals as part of the Microsoft AI Innovation Series

<ul><li>In India, family-managed businesses contribute almost 70% to the overall GDP. </li><li>During the global <keyword id="6357558" type="General" weightage="20" keywordseo="recession" source="Orion">recession</keyword>, family businesses were the driving force with sensible leverage and more. </li><li>As per a survey, only one-third (34%) of businesses cut dividends, and 31% family members took pay cuts.</li></ul>The unprecedented challenge presented by the <keyword id="8829783" type="General" weightage="20" keywordseo="coronavirus-pandemic" source="Orion">coronavirus pandemic</keyword> has been an event of global awakening. It placed a huge question mark on all the economic and social systems that had been in practice until now, often invariably steered by shareholder primacy and short-term profit maximization. Today, the world needs action directed toward a more resilient, equitable and sustainable economic, societal and environmental model. And the way corporates have responded to the pandemic has proved that a more principled management philosophy does exist. One particular form of organizational structure —family-owned businesses — when well governed and united around purposeful owners, possesses the right ingredients for a responsible business model. In India, family-managed businesses contribute almost 70% to the overall GDP. Statistics also suggest that about 85% of India Inc companies are family businesses. Winning back the trust When the economy is on an upward curve, the potential of these family businesses and their immense contribution is often overshadowed by the growth of upcoming start-up culture and unicorns. However, in times of need, the strong fundamentals driven by the traditional values and ethics of these family-owned businesses rebounded to build back opportunities in a shattered economy. During the global recession, these family businesses became the driving force for bringing back a damaged world economy on track as their commitment to values, long-term thinking and sensible leverage are what recoveries are based on. The 10th Global <keyword id="470452" type="General" weightage="20" keywordseo="family-business" source="Orion">Family Business</keyword> Survey suggests that “in a world where capitalism is under fire and people are demanding more accountability, family businesses can help win back trust.” The survey also indicates that family businesses have the capabilities required to hit the sweet spot where ethics converge with competence. To thrive in today’s corporate-dominated world, the young leaders of these family businesses will require to change the definition of legacy and invest more time and effort to keep up with the fast-paced technological advancements and significant innovations to stay relevant in the market. Apart from this, to maintain the earned reputation of prioritizing people over profits, family businesses also need to take the leadership roles in creating more environmental, social and corporate governance (ESG) credentials where their profits are aligned with a purpose of giving back to the society. Pandemic after-effects During the COVID-19 pandemic waves and consecutive nationwide lockdowns, almost all major businesses faced losses and decline in sales. Although the same situation was encountered by family-managed businesses across the world, their resilience and robust people-first approach helped them handle things much more efficiently than the corporates. According to the PwC Family Business Survey 2021, almost 46% of family businesses expected sales to decline during the pandemic. But about 86% of them also anticipated a return to pre-pandemic growth rates by 2022. These figures were optimistic considering when the survey was prepared no vaccines were authorized by the World Health Organization (WHO) for emergency use. The survey also suggests that, out of the 2,801 respondents, only one-third (34%) of surveyed businesses cut dividends, and 31% family members took pay cuts. In totality, only one in five businesses needed to pump in extra capital; 15% of the owners had to use more cash, and a further 23% said that they are prepared for more such unforeseen circumstances. As of 2022, 17 of the world’s top 500 family-owned businesses are headquartered in India, generating an annual revenue of $277.1 billion. These figures depict that similar to the 2009 global recession, family businesses will be the driving force to pull the Indian economy out of the COVID-19 gloom. An intergenerational crisis In a recent statement, Rajeev Chandrasekhar, Minister of State for Electronics &amp; Information Technology and Skill Development &amp; Entrepreneurship said that India suffered $150 billion to $200 billion economic loss due to lockdowns in the pandemic, but the country has emerged stronger despite the economic setbacks. The COVID-19 pandemic has revealed an intergenerational crisis and urgent need for a better model of capitalism. The unprecedented challenges put forth by the ongoing pandemic have brought to light that our old systems are in an urgent need to be renewed. The global awakening shifts focus on the society’s demand for a more resilient and sustainable model of businesses to respond to the unforeseen future. As of this year, 90% of all listed companies in India are family-owned businesses. It is now the responsibility of the next-gen entrepreneurs to make this number grow consistently so as to achieve the upward curve recovery the country needs to handle the pandemic blow effectively. Under their leadership, from creating solidarity funds to support the employees and shareholders to contributing to third parties for helping those who support these businesses, several family-owned businesses stepped up and took charge for the welfare of the people during the lockdowns. At a time when quarterly profits are prioritized by public companies, family businesses operate under generational legacy and believe in longevity. In the last 15 years, businesses that fall under the family universe grew at least 47% more than the others. This is the right strategy when it comes to recovering and maintaining the progress for exhibiting stronger performance. Families that own businesses are directly responsible for contributing to the externalities and this demands a holistic ownership approach. This indicates that the ethics and long-term resilience people expect during a crisis and which family businesses wear as a badge of pride will be the blueprint for an all-round economic recovery. High stakes McKinsey research “The case for stakeholder capitalism” shows that a stakeholder business model can be profitable and more competitive in the long-term, optimizing the return for all stakeholders. The problem arises when these businesses start valuation. The world needs to be measured in a more inclusive and sustainable way, a framework that includes natural, social and human capital as opposed to the calculation of only financial progress. The idea that ‘benefit of all is the benefit of a company’ needs to be imbibed so as to change the mindset and the philosophy of stakeholder responsibility. In times of dire need, consumers look for support and tend to put their faith into businesses that keep the interests of the people ahead of their profits. Though, in monetary terms, family-owned businesses may not earn as much and as quickly as their private counterparts, they build a secure firm for the future generations to take forward which forms the basis of such businesses. (The author is the MD of Enso Group) SEE ALSO: <a href="https://www.businessinsider.in/india/news/indias-fresh-covid-additions-decline-to-9923-positivity-rate-at-2-5/articleshow/92352986.cms" style="">India's fresh Covid additions decline to 9,923, positivity rate at 2.5%</a> <a href="https://www.businessinsider.in/tech/news/facebook-whistleblower-frances-haugen-is-raising-funds-to-train-lawyers-to-fight-big-tech/articleshow/92353197.cms" style="">Facebook whistleblower Frances Haugen is raising funds to train lawyers to fight big tech</a>

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Unparalleled growth potential for ESG and impact reporting in India, says report; can we capitalise?

Ankush Banerjee

India Inc. sees 81% annual increase in green jobs in January: foundit

Anagh Pal

Only one-fifth of India Inc publishes sustainability reports in 2021, but ESG disclosures are improving gradually: CRISIL report

BI India Bureau

Thomas Cook India, SOTC launch Green Carpet to help companies manage carbon emissions of biz travel

Anagh Pal

Finance over tech: Salaries of CFOs double that of CTOs says AON survey

Anagh Pal

Sustainability Forum: Industry experts unravel technology’s influential impact in pursuit of sustainable development goals as part of the Microsoft AI Innovation Series

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