To fund
"The first aspect is the impact investment...there is funding available for most good businesses," PTI reported, quoting him at a function organised by Axis Bank Foundation here.
'Impact investment' refers to investments made by organisations with the intention to generate a measurable, beneficial social or environmental impact in a profitable manner.
The minister added that the 2% allocation of profit made by companies as per the new Companies Act for Corporate Social Responsibility (CSR) will provide huge sums for social sectors.
"The 2% CSR funding is going to be a game changer for NGOs in India because tremendous amount of money will be available...it would be thousands of crores," he said.
India is facing many challenges including job creation, climate change and lack of scalability and innovation, according to him.
(Image: Indiatimes)