New Delhi, Sep 11 (IANS): India’s social enterprises are witnessing rapid growth and the market opportunity and potential for them is estimated to be $8 billion by next year, Union Petroleum and Natural Gas Minister, Hardeep Singh Puri, has said.
The minister emphasised that social enterprises have always been a vital part of the Indian life, significantly impacting sectors such as agriculture, health, and education.
Speaking at an event in the national capital, the minister highlighted that these enterprises play a crucial role in improving the lives of millions and driving social progress across the country.
The increase in average deal size for social impact investments grew from $7.6 million to $17.6 million between 2010 and 2016.
During the event, the minister also drew attention towards Social Stock Exchange (SSE), a pioneering initiative of the Prime Minister Narendra Modi’s government aimed at providing social enterprises with enhanced visibility and access to capital.
The SSE offers a platform for these enterprises to attract investment, measure their social impact and demonstrate their effectiveness in addressing societal issues.
“Over 20 Social Enterprises have already listed on the exchange”, the minister noted.
The SSE vision, outlined by Finance Minister Nirmala Sitharaman during her budget speech for the financial year 2019, gives socially-conscious firms the much-needed boost by offering an effective means of raising capital.
Since its inception, the Social Stock Exchange in India has seen encouraging progress with 65 NPOs registered and 8 NPOs listed on the NSE-SSE platform. The NSE has been proactive in ensuring the success of the Social Stock Exchange.
The SSE framework, guided by SEBI, offers a structured mechanism for fundraising, transparency, and impact measurement, thereby enhancing trust and efficiency in the social sector.
Minister Puri also underscored the significant progress made in disability rights, recalling the landmark Rights of Persons with Disabilities Act, which was enacted in 2016, expanding the recognised disabilities from 7 to 21.
“This pivotal legislation represents a crucial step forward in acknowledging and addressing the diverse needs of persons with disabilities. The new Census will give a truer picture of the number of persons living with disabilities in the country,” said Minister Puri.