As Mukesh Ambani famously said, “What is good for India is good for Reliance.” The same patriotism runs through Indian business veins.
India needs job-generative, spatially dispersed, equitable, and sustainable growth, and the Global North needs new trade barriers. Human rights, the environment, and carbon taxes will increasingly impact trade competitiveness, market access, and borrowings. There is little to no institutional capacity to define what all this means.
SKOCH has identified 565 indicators, which are a superset of Global Reporting Indicators (GRI), BRSR, and what is cooking next in the European Union for Cop 29.
For top Indian businesses, these 565 indicators are a way of life. Not only do they suffice for statutory reporting, but they also capture your socio-economic contributions to the country—silencing the naysayers.
These must be captured, documented, and reported, and best practices found and shared. The most methodological way of doing so is through the SKOCH Award Process. Help us help you put your facts in context. Apply Now!
We often talk about how businesses are transforming due to technology, globalisation or geopolitical shifts, but what about the human and environmental aspects? As we focus on growing our economy, we can’t overlook these.
We all know that India is poised to become a key player in the global supply chain. We talk about India as a “China plus one” strategy, meaning that the world is looking to us as an alternative for manufacturing and supply. But what does it mean for us? What challenges will we face? The real challenges are going to be non-tariff barriers: issues like human rights, labour laws, sustainability and environmental concerns. These are the areas where businesses will need to align their practices with global standards to remain competitive.
Why, in the last 5 years, has there been so much tension between China and the West? It wasn’t like this for the last 30 years. Suddenly, we see stress and conflicts on the business front. This shift should make us pause and think about what’s coming next. As India becomes more integrated into the global economy, we will face similar challenges—how we treat our workers, how we manage environmental impact and
how we balance growth with human rights.
And here’s a major internal challenge we can’t ignore: mental health. Today, over 11.6% of Indians face mental health issues. We can create all the wealth we want, but what good will it do if we neglect the mental well-being of our people? This is not just about our children, but about all of us. Ignoring this issue will eventually undermine our long-term growth.
We realised that beyond wages, basic human rights like decent living conditions were essential to maintain harmony. It’s heartening to see that today, companies in India are focusing on not just the work but also education and skilling for their workers, especially women.
Climate change is another challenge. Businesses must start thinking about how they will adapt to these changes and minimise their environmental impact.
If we are serious about becoming the third-largest economy, we must ensure that no one is left behind. This includes transgenders, beggars, trafficked individuals and leprosy patients. The government has shown sensitivity toward these issues, but businesses need to step up as well.
One statistic I want to leave you with: India has 18% of the world’s population but only 4% of its fresh water resources. We are already teetering on the edge of being classified as water-stressed. This has real implications for industries and livelihoods and it’s something we all need to think about as we plan for the future.
Human rights, mental health and sustainability need to be integral parts of the business strategies. This isn’t just the responsibility of the National Human Rights Commission—it’s a collective responsibility. We must act now, before it’s too late, to ensure a better future for all.
Economic growth alone doesn’t make a country “developed.” It has to be inclusive. Universal access to basic amenities—things like electricity, clean drinking water, banking, sanitation and clean fuel—are crucial. High-speed broadband is also now considered a basic amenity. In many of these areas, we’re already close to 100% coverage, thanks to specific programmes like Saubhagya and Swachh Bharat.
Another key marker of a developed nation is health. We need to ensure that people not only live longer but have access to world-class, affordable healthcare. Right now, life expectancy in India is around 68.6 years for men and 71.4 for women. By 2047, we expect that to rise beyond 80 years, which would put us on par with global standards. Programmes like Ayushman Bharat and initiatives focusing on child nutrition, like PM Poshan, are already helping us reduce infant mortality and we expect to bring that down to single digit in the coming decades.
Education and skill development will also play a massive role in our journey towards becoming a developed nation. Our literacy rate is already over 80% and we’re aiming for universal literacy well before 2047. But beyond basic literacy, we need to focus on higher education and skilling. Programmes like Samagra Shiksha and Kaushal Vikas Yojana, will play key roles in achieving this.
Currently, the female labour participation rate is around 37%; we hope to increase that to 70-75% over the next couple of decades. In this year’s budget, initiatives like working women’s hostels and expanded creche facilities are steps in that direction.
Without serious steps towards sustainability, we cannot call ourselves a developed nation. India has committed to 500 GW of non-fossil energy by 2030 and ensuring that 50% of our total energy consumption comes from renewable sources. India has already reduced its carbon emissions by 33%.
Another important marker of development is poverty reduction. In the past decade, we’ve lifted around 25 crore people out of poverty and the recent household consumption expenditure survey shows how people’s consumption patterns are changing, especially when it comes to food.
Infrastructure is another key pillar and this includes digital infrastructure. Just a decade ago, who would have thought that 100% of Indians would have a verifiable biometric identity? Thanks to Aadhaar and other digital initiatives, we’re seeing unprecedented growth in areas like digital payments, broadband access and mobile connectivity.
When we talk about the markers of Viksit Bharat 2047, it’s about more than just one or two metrics. We’re talking about a holistic transformation that includes economic growth, universal access to basic amenities, world-class health and education systems, female participation, amongst others.
As the saying goes, “You can only treasure what you measure.” If we treasure the idea of becoming a developed nation by 2047, we must measure our progress toward that goal.
Since India’s independence, Bollywood has often portrayed private enterprises and industrialists in a negative light, reflecting the country’s socialist leanings in the early decades. Through various movies, Bollywood has reinforced a public suspicion of business owners, shaping a perception that continues to resonate in political discourse.
In the 1950s through the 1980s, India’s economic policies emphasized socialism and state-driven development. As a result, many Bollywood films from this period reflected a critical view of capitalists, often casting businessmen as villains exploiting the common man.
For instance, Roti, Kapda Aur Makaan (1974) directed by Manoj Kumar tackled poverty and inequality, presenting businessmen and landlords as corrupt figures who stood in the way of basic necessities for the masses. This echoed the sentiment that private enterprises were driven by greed at the expense of the people.
Similarly, Raj Kapoor’s Shree 420 (1955) portrayed an idealistic protagonist who moves to the city in search of success but becomes ensnared in the corrupt, materialistic world of businessmen. The movie symbolized the conflict between the virtues of simplicity and the perceived moral bankruptcy of wealth.
Deewar (1975), directed by Yash Chopra, further exemplified this theme by showing Amitabh Bachchan’s character turning to crime after being disillusioned with the system, which rewarded only those involved in corrupt business practices. Businessmen were often depicted as oppressors, exploiting labor for profit.
Films like Namak Halaal (1982) and Kala Patthar (1979) also portrayed wealthy industrialists as villains, reinforcing the divide between the rich and poor. In Kala Patthar, for example, a greedy mine owner prioritizes profits over the safety of his workers, cementing the portrayal of businessmen as callous and exploitative.
However, this trend began to shift with India’s economic liberalization in the 1990s. Films like Guru (2007), loosely based on the life of Dhirubhai Ambani, portrayed entrepreneurship as aspirational rather than exploitative. Bollywood’s narrative shifted toward celebrating business success, reflecting the country’s changing economic landscape.
Still, the legacy of these earlier films, which portrayed private enterprises in a negative light, remains influential. This portrayal of businessmen as antagonists has shaped public attitudes and occasionally resurfaces in political discourse, even as India moves toward a more business-friendly environment.
In conclusion, Bollywood’s depiction of business has evolved, but its historical anti-business narratives left a lasting impact on the Indian public psyche, contributing to a complex relationship with private enterprise.
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