Mapping ESG Research in India: A Meta-Analytical Review of Trends, Themes, and Trajectories (2018–2024)

Abstract

This study presents a comprehensive meta-analysis of Environmental, Social, and Governance (ESG) research in the Indian context, with a focus on publications from 2018 to 2024 indexed in the Scopus database. The integration of ESG principles into business strategy and academic discourse has gained momentum globally, particularly post-COVID-19, emphasizing resilience, sustainability, and stakeholder engagement. In India, ESG adoption has evolved significantly—from the Ministry of Corporate Affairs’ voluntary CSR guidelines in 2009 to the SEBI-mandated Business Responsibility and Sustainability Report (BRSR) in 2021. The research analyzes 139 journal articles, mapping trends in authorship, institutional affiliations, journal outlets, and citation metrics. The findings reveal that Indian ESG research is still nascent but growing rapidly, with increasing contributions from top institutions and authors. Key themes include ESG impact on firm performance, investment behavior, disclosure practices, and regulatory responses. The study highlights the importance of ESG education in business schools and calls for collaborative academic-industry research to further develop the ESG ecosystem in India.