Chapter 6: Synthesis of Ancient Wisdom and Modern Ethics: A Conceptual Framework of Bhagavad Geeta and ESG

A modern sustainable business emphasizes on environmental, social, and governance (ESG) criteria, a framework suggested for ethical operations. Different stakeholders look beyond standard ESG reporting and conduct detailed analyses before investing (Bose, 2020). Businesses are expected to comply ESG principles which allow business entities to have visionary strategies, responsibility, and resilience in alignment with societal changes. ESG framework yields real-time benefits and ensures operations are ethical.

The teachings of the Bhagavad Gita on way of life (Dharma), social responsibilities, and value-based life driven by “Karma” offer a unique perspective on ESG. Ranjan Chatterjee (2009) proposed a model rooted in Gita's philosophy, including principles like niskama karma (selfless action), chittasuddhi (mindfulness), karma (action), guna (quality of action), purna (holistic approach), lokasangraha (greater good), and dharshan (focused vision). Culmination of the said principles with the modern ESG principles formulates a sound theoretical framework blending ancient Indian ethos with modern-day ESG framework.

This chapter highlights the integration of the ancient Gita's wisdom with modern ESG. The proposed framework in this chapter allows companies to arrive at ethical and sustainable decisions overcoming challenges from areas related to all the three dimensions of ESG framework. The discussions will focus on case studies of companies that strengthen the argument, offering insights for modern business entities to reach the pulse of the Indian consumers rooted in Indian ethos. The framework provided in this chapter rekindles the decision-making strategies of the businesses to be glocal: retain local Indian Knowledge with global ESG standards.