Abstract: In India, the ESG disclosure became mandatory for India's top 1000 listed companies, as per the Business Responsibility and Sustainability Reporting (BRSR) framework implemented from FY 2022-23. This paper is a narrative review of the growing link between sustainability reporting and firm performance as they evolved from BRR to BRSR Core and in stages moved on to assurance requirements in India. Based on the theories of stakeholders, legitimacy, institutions, and information asymmetry it brings together both international and Indian evidence related to financial performance, materiality, assurance, alongside greenwashing. Generally, the relationship appears to be positive, but subject to some qualifications, such as the effect of competition on capital markets. But BRSR evidence in India is still not robust as there are certain voluntary disclosure, data quality and causal evidence of phased assurance issues. The study suggests further areas of future research and implications for managers, investors and regulators.

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