Environmental, Social, and Governance (ESG) has become a globally recognized framework for evaluating corporate sustainability, ethical business practices, and long-term value creation. Increasing environmental challenges, social expectations, and governance reforms have prompted governments and organizations to integrate ESG principles into business strategies and regulatory policies. In India, ESG has evolved significantly through initiatives such as the Companies Act, 2013, National Guidelines on Responsible Business Conduct (NGRBC), and the Securities and Exchange Board of India (SEBI) Business Responsibility and Sustainability Report (BRSR). These initiatives aim to improve corporate transparency, environmental protection, stakeholder engagement, and responsible governance. This review examines the evolution of ESG guidelines in India and critically analyses their impact on environmental sustainability, social responsibility, and corporate governance. The study synthesizes recent literature published between 2020 and 2026, together with regulatory frameworks and industry practices, to identify the major achievements, implementation challenges, and future opportunities associated with ESG adoption. The review indicates that ESG implementation has strengthened environmental management, improved stakeholder confidence, enhanced governance practices, and promoted sustainable investment. However, challenges including inconsistent ESG ratings, greenwashing, limited disclosure standardization, and compliance costs continue to hinder effective implementation. The paper concludes by highlighting future research directions and policy recommendations for strengthening ESG practices in India.

Keywords: ESG, Sustainability, BRSR, Corporate Governance, Environmental Sustainability, Social Responsibility, India.