Last year our Prime Minister Narendra Modi had observed how 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. The very same was voiced at the third annual conference of the Centre for Responsible Business's (CRB) the theme was ‘India and Sustainability Standards 2016.’ The conference concluded last week with experts coming together to encourage collaborative initiatives and actions.

Inaugurating the conference, Railway Minister Suresh Prabhu underscored the tremendous advantage that standards have in terms of helping companies to make informed decisions and governments to design appropriate regulations. However, he also cautioned that certain sections of standards many not be appropriate in the India context. Effective implementation of international standards can only be effective if they are aligned with the domestic context. In which case, review of those specific sections in the standards framework should be considered, rather than use it as an excuse for not doing anything.

Also, it should be ensured that standards are not used as a means for manipulating the markets to favour one set of market players, the minister said. He stressed on India's commitment to sustainable and responsible growth and shared initiatives taken by Indian Railways in this regard. The three-day annual CRB conference also discussed diverse issues for sustainable and responsible growth with the Sustainable Development Goals (SDGs) as a central theme.