Nexus between Macroeconomic variables and Sustainable Investments - Evidence from Indian Sustainable Stock Indices

The Sustainable Investments have become core weapon to attain climate targets and Sustainable Development Goals (SDGs). The study has been investigating the impact and long-run association among the GDP, Stock Market, Forex rate, Inflation, M3, Unemployment, IIP and sustainable stock investments of S&P BSE CARBONEX, S&P BSE GREENEX in India from 2012 to 2021. For the analysis the regression analysis model and for short-run and long-run relationship analysis the Granger Causality test and Johansen cointegration test have been applied. The study outcomes reveals that the GDP, stock market, forex rate and unemployment has positive significant long-run relationship with the S&P BSE CARBONEX returns. The GDP, inflation, M3, Unemployment and IIP has significant long-run relationship with the S&P BSE GREENEX returns in the study period