With the growing significance of the business case for sustainability, policy-makers and regulators worldwide have developed several policy initiatives to induce business organizations to report on their governance processes, and the environmental and social impact of their business operations. Consequently, corporate sustainability reporting has undergone significant transformation, both in India and across the globe. This paper traces the evolution of policy relating to ESG Reporting or Sustainability Reporting in India—from early initiatives for voluntary disclosure to the present mandatory, comprehensive ‘Business Responsibility & Sustainability Reports’, highlighting the landmarks along the path of this evolutionary journey and the significant milestones achieved. It exemplifies how legislation gradually evolves and can be a powerful force catalysing change. Improved format seeking disclosure of quantifiable sustainability information exercises pressure on companies to manage ESG issues more effectively. Better ESG performance and reporting lead to a good reputation and competitive advantage for corporations, improved long-term financial performance, and enhanced value creation for its stakeholders, which is vital for every company and country that aims to pursue the dual goals of economic growth and sustainability. The paper could be useful to beginners in the sustainability reporting path, as well as to those looking for likely future directions for improvement.