New Delhi, September 10
The estimated market opportunity and potential for social enterprises in India is estimated to be USD 8 billion (EUR 7 billion) by next year, Union Minister of Petroleum and Natural Gas, Hardeep Singh Puri, said on Tuesday.
He highlighted the increased investor interest in India's social enterprises at an event.
The Minister noted the increase in average deal size for social impact investments grew from USD 7.6 million (EUR 6.7 million) to USD 17.6 million (EUR 15.4 million) between 2010 and 2016.
The Minister was speaking at the Award Ceremony of the 15th Social Entrepreneur of the Year Award--India 2024 here today.
The event, organised by the Schwab Foundation for Social Entrepreneurship, and the Jubilant Bhartia Foundation, celebrates the incredible achievements and innovations of entrepreneurs who are making a difference by empowering the marginalised and vulnerable sections of Indian society.
The Minister said that the 'Social Entrepreneur of the Year Award' not only recognises champions of India's social entrepreneurship movement, but also provides a platform for these companies to expand their reach and explore potential collaboration opportunities.
At the event, the Minister commended the finalists for their remarkable ingenuity and dedication. He noted their impressive use of technology, which aligns with the Modi government's approach to efficiently delivering welfare services. He further emphasised that social enterprises have always been a vital part of Indian life, significantly impacting sectors such as agriculture, health, and education and playing a crucial role in improving the lives of millions and driving social progress across the country.
During the event, the Minister also drew attention to the Social Stock Exchange (SSE), a pioneering initiative of the government aimed at providing social enterprises with enhanced visibility and access to capital. He said that 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 been listed on the exchange," he noted.
He also underscored the significant progress made in disability rights under the present Government. He recalled 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," he added further.
He also noted the launch of the Sugamya Bharat Campaign (also known as Accessible India) in 2015, which seeks to improve accessibility across the nation. Further, he detailed the issuance of over 43 lakh e-UDID cards (Unique Disability ID cards), which have streamlined the identification and support of persons with disabilities. He also highlighted the impact of skill development initiatives, which have benefitted nearly 150,000 individuals. Additionally, reflecting on his tenure with the Ministry of Housing and Urban Affairs, he discussed the creation of the Harmonised Guidelines for Universal Design Space Standards in 2019.
"These guidelines represent a shift from merely barrier-free environments to a broader concept of universally designed spaces, promoting greater inclusivity," he said.