Private sector capital must complement the efforts of governments and multilateral institutions in pursuit of sustained financing needed for sustainable development goals (SDGs), Finance Minister Nirmala Sitharaman said on Saturday.
Addressing the CII Roundtable in Morocco on "Reviving Growth with Inclusivity: Galvanising Private Capital to support Governments, and Multilateral Institutions", Sitharaman said that private sector capital can go a long way in advancing the SDGs.
Official sources of finance from the MDBs and other development finance institutions (DFIs) can help reduce the real and perceived risks associated with projects in emerging markets and developing economies, she added.
In this endeavour, the Finance Minister noted that philanthropic capital can also play a similar role in absorbing risks and lowering costs thereby helping to mobilise private capital.
"In 2023, we have focused on social related SDGs such as health, education, poverty reduction, clean water and sanitation and mapped them against financial instruments like social impact bonds, SDG linked bonds. We have developed recommendations which aim to mobilise private financing for SDGs through greater adoption of these instruments and bonds," Sitharaman further said.
Working towards the advancement of SDGs is a global public good. The financing requirements are immense which calls for a global collaborative effort across stakeholders.
Efforts and concrete financing commitments of all -- official governments, multi-lateral institutions, development finance institutions and most importantly private sector -- is paramount and these will have to complement each other for this shared global priority, she added further.
"In financing the SDGs, private capital will do well to make sure that such investments are sustainable for countries too and that means, reconciliation of their commercial goals with the creation of public goods. The pursuit of SDG will have to be a sustainable endeavour in itself," Sitharaman said.
FIR lodged against two jail staff over escape of militant from prison
In a major development to the incident of escape of militant from the Bishalgarh Kendriya Sansodhanagar on Tuesday last, an FIR has been lodged against the warder and the guard commander of the prison.
Fight over free ration: Kharge promises 10 kg against NDA’s 5kg if INDIA bloc forms govt
Amid the high-decibel campaign and fierce competition between BJP and the INDIA bloc to woo new voters, the free ration to the country’s 80 crore citizens has become a new rallying point for the latter.
Despite objections from Opposition parties, PoK becoming part of India is reality: HM Shah
Despite opposition from a section of political parties in the country, the event of Pakistan-Occupied Kashmir (PoK) becoming an integral part of India is now a reality, Union Home Minister Amit Shah said on Wednesday.
Rajasthan mine accident: Chief vigilance officer dies, 14 rescued
A senior vigilance officer at Hindustan Copper Limited died after a lift collapsed at the Kolihan mine in Rajasthan's Neem Ka thana district, said officials, adding that 14 trapped people have been rescued.
India surpasses Australia, Japan, Hong Kong in data centre capacity
India has surpassed major countries like Australia, Hong Kong SAR, Japan, Singapore, and Korea becoming the country with the highest data centre capacity of 950 MW in the Asia-Pacific region (excluding China), according to a private report released on Wednesday.
EVMs stored in 50 strongrooms under strict security: Assam CEO
EVMs with VVPAT machines used for the recently conducted Lok Sabha polls in Assam were kept in about 50 strongrooms across the state under strict security measures, said state Chief Election Officer Anurag Goel on Wednesday.
SC orders release of NewsClick editor in UAPA case
The Supreme Court on Wednesday ordered the release of NewsClick founder and editor-in-chief Prabir Purkayastha, who was arrested by the Delhi Police under the Unlawful Activities (Prevention) Act over allegations that the media outlet received money to spread pro-China propaganda.
Rajasthan mine accident: Eight of 15 trapped employees rescued
Eight of the 15 employees, including vigilance officers and workers of Hindustan Copper Ltd, who were trapped at 1,875 ft in a mine at Kolihan near Khetri in Rajasthan's Neem Ka thana district, were rescued on Wednesday, said officials here, adding that the operation was underway and soon others will be taken out.