India's Social Enterprises Poised for $8 Billion Market Growth by Next Year

Union Minister Hardeep Singh Puri predicts India's social enterprise market will hit USD 8 billion by next year. Highlighting increased investor interest and rising deal sizes, he commended the innovations driving social progress. Initiatives like the Social Stock Exchange and disability rights advancements were also discussed.

India's social enterprises are expected to reach an estimated market opportunity of USD 8 billion by next year, Union Minister of Petroleum and Natural Gas, Hardeep Singh Puri, announced on Tuesday. Speaking at an event, he emphasized the growing investor interest in India's social enterprises.

The Minister noted that the average deal size for social impact investments significantly grew from USD 7.6 million between 2010 and 2016 to USD 17.6 million. He was addressing the audience at the 15th Social Entrepreneur of the Year Award--India 2024 ceremony, organized by the Schwab Foundation for Social Entrepreneurship and the Jubilant Bhartia Foundation.

The event recognized the achievements of entrepreneurs empowering marginalized sections of Indian society. Puri praised the finalists' innovative use of technology, which aligns with the Modi government's welfare service delivery approach. He highlighted the role of social enterprises in sectors like agriculture, health, and education, and their contribution to driving social progress. He also spotlighted the Social Stock Exchange, which enhances visibility and access to capital for social enterprises.

Puri further acknowledged the advancements in disability rights, citing the Rights of Persons with Disabilities Act, the Sugamya Bharat Campaign, and the issuance of e-UDID cards. He also mentioned the impact of skill development initiatives and the creation of Harmonised Guidelines for Universal Design Space Standards, promoting inclusivity.

(With inputs from agencies.)