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Article

20 Oct 2016

Author:
Vaidehi Shah, Eco-Business

Why sustainability standards are important for India’s growth

When Indian Prime Minister Narendra Modi came to power in 2014, he promised that ”good days are coming” for India’s 1.3 billion citizens, and unveiled big plans to deliver economic growth and prosperity, tackle corruption, and improve the country’s infrastructure...A cornerstone of this strategy is the Make in India programme, a drive to get international companies across a range of sectors to manufacture their garments, automobile parts, electronics, and other products in India...While the initiative has generally been regarded as a success , experts say India can only unlock the full potential of attracting international investment and business if it can prove that it is a leader in corporate sustainability and responsibility...Roel Nieuwenkamp, chair of the Organisation for Economic Co-operation and Development (OECD) Working Party on Responsible Business Conduct...tells...If the Make in India strategy is going to be successful, companies have to take into account corporate responsibility...International companies will demand it, as they risk reputational damage, lawsuits, as well as pressure from investors and consumers if they fail to do so...he explains...Another reason for India to promote responsible business are the Sustainable Development Goals (SDGs), a set of 17 social, environmental, and economic targets that governments, businesses, and civil society organisations have agreed to meet by 2030.