New Delhi: The market potential for social enterprises in India is projected to reach US$ 8 billion (€ 7 billion) by next year, according to Hardeep Singh Puri, Union Minister of Petroleum & Natural Gas. Speaking at the 15th Social Entrepreneur of the Year Award – India 2024 ceremony today, Puri highlighted the growing investor interest in India’s social enterprises, noting the rise in average deal sizes for social impact investments, which increased from US$ 7.6 million (€ 6.7 million) to US$ 17.6 million (€ 15.4 million) between 2010 and 2016.
The award ceremony, organized by the Schwab Foundation for Social Entrepreneurship and the Jubilant Bhartia Foundation, celebrated the innovative efforts of entrepreneurs working to empower marginalized and vulnerable communities across India. Puri commended the finalists for their ingenuity, emphasizing that their use of technology aligns with the government’s approach to delivering welfare services efficiently. He added that social enterprises are vital to Indian society, significantly impacting key sectors such as agriculture, health, and education.
Puri also spotlighted the Social Stock Exchange (SSE), a government-led initiative designed to enhance visibility and provide capital access to social enterprises. The SSE offers these organizations a platform to attract investments, measure their social impact, and address societal issues. “Over 20 social enterprises have already listed on the exchange,” Puri noted, underscoring the increasing traction in this sector.
During his address, the Minister highlighted the government’s achievements in disability rights, citing the Rights of Persons with Disabilities Act, enacted in 2016, which expanded the recognized categories of disabilities from 7 to 21. He emphasized that this legislation marked a significant step forward in acknowledging and addressing the needs of persons with disabilities. The new Census, Puri noted, would offer a more accurate picture of the disabled population in India.