The logo of the Securities and Exchange Board of India (SEBI) is pictured on the premises of its headquarters in Mumbai, India March 1, 2017. REUTERS/Shailesh Andrade/File Photo

Aug 26 (Reuters) – India has fewer funds focused on environmental, social and governance (ESG) issues than other top 10 economies, data shows, amid investor caution about ESG funds that have yet to build a track record in India’s market.

The world’s sixth largest economy has 23 ESG funds, Refinitiv data shows, compared to the United States and Britain with more than 500 each, while Japan has 182 and China has 119. Other economies in the top 10 also have more ESG funds.

Number of ESG funds

“Indian investors are not completely attuned to the concept of sustainable investing, unlike global markets led by Europe, where sustainable investing has been present for many years,” said Kaustubh Belapurkar, director at Morningstar India.

Analysts said investors were…

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