["Corporate Social Responsibility and Environmental Management, Volume 33, Issue 2, Page 2759-2782, March 2026. ", "\nABSTRACT\nThe proliferation of mandatory sustainability disclosure regulations across emerging economies has catalyzed corporate adoption of environmental, social, and governance (ESG) frameworks. The current ESG literature presents conflicting empirical findings, with studies demonstrating both positive and negative effects of ESG implementation. The contradictory results stem from variations in ESG methodology, measurement approaches, and contextual factors across studies. However, in qualitative research, a significant gap in examining the contextual nuances and managerial perspectives on ESG implementation prevails. This paper decodes emerging‐economy‐firm perspectives through managers' perceptions, experiences, and insights on ESG practices of Indian firms in the context of the new BRSR (Business Responsibility and Sustainability Reporting) mandate. Our research provides a deep understanding of the “why” and “how” behind managerial viewpoints, industry‐specific differences and the inherent tension between shareholder and stakeholder priorities. Additionally, for the first time in ESG research, we present an Emerging Economy‐ ESG Implementation Framework, which looks at the implementation challenges that collectively shape ESG integration processes in emerging economies. In‐depth interviews with managerial executives reveal that banking and financial corporations outpace manufacturing firms in regulatory compliance and reporting quality. While manufacturing sector organizations prioritize environmental indicators and initiatives, they progress more slowly than their banking and financial counterparts. The overall managerial sentiment toward ESG implementation is positive; however, concerns persist regarding the need for industry‐specific refinements in disclosure regulations and unresolved cost–benefit uncertainties.\n"]