India’s rise as a manufacturing hub has been significantly influenced by geopolitical shifts, with businesses around the world seeking to diversify their supply chains. However, the foundation for this transformation was laid well before these global changes, notably with the launch of the "Make in India" initiative in 2014. This program was designed to rejuvenate the manufacturing sector by promoting innovation and positioning India as a global leader in production. Central to this initiative are several supportive government policies, including the Production Linked Incentive (PLI) schemes, simplified regulatory processes, a focus on infrastructure development, and an emphasis on skill development. These measures are all aimed at stimulating business growth and making India an attractive destination for manufacturing investments.

However, the economic vibrancy that comes with this growth is not without its challenges. Workplace accidents and occupational hazards are significant threats to the health and well-being of workers. Unfortunately, workplace safety in India remains a critical concern. BRSR (Business Responsibility and Sustainability Reporting) data for the NSE-500 companies is worrying: the total workplace injuries increased to 10,726 in FY23 from 9,880 in FY22, while the high consequence injuries increased by a third to 904 (- from 676 in the earlier period). Although the total fatalities are lower at 463 in FY23 from 586 in FY22, it is more than a death a day.

The safety and welfare of workers is rarely prioritized by boards or senior management, whose focus remains predominantly on financial performance. In the context of the fatalities data above, boards need to rethink their priorities.

Read our blog here