India’s aspiration to achieve developed nation status by 2047 under the vision of Viksit Bharat represents a structural transformation agenda rather than merely an income milestone. This transformation requires environmental resilience, inclusive growth, institutional maturity, and financial modernization. Corporate sustainability, operationalized through Environmental, Social, and Governance (ESG) integration, has emerged as a prominent governance architecture within global capital markets. However, ESG is often interpreted narrowly as a compliance requirement or reputational mechanism. This study reconceptualizes corporate sustainability as developmental infrastructure within an emerging economy context. Drawing upon stakeholder theory, institutional theory, legitimacy theory, and developmental state perspectives, the paper proposes a conceptual framework that positions ESG integration as a driver of macroeconomic transformation. The analysis suggests that ESG adoption can contribute to institutional strengthening, capital market development, innovation capacity, and green industrial transition key pillars of the Viksit Bharat 2047 vision. By embedding corporate sustainability within national development architecture, the study contributes to the theoretical discourse on sustainability, governance reform, and structural transformation in emerging economies.
Chug Simran Kishor (Tue,) studied this question.