Kumar further said the focus should be on 'conscious capitalism' wherein corporates go beyond chasing bottomline and focus on ensuring maximum social return.
"If corporates can make SDGs as part of their business model, I think that what will really help," he said at an event organised by the United Nations Development Programme (UNDP).
The SDGs, otherwise known as the Global Goals, are a universal call by the UNDP for action to end poverty, protect the planet, improve health, education and ensuring that all people enjoy peace and prosperity by 2030.
"We want to mobilise all types of financing for funding our development ... we can mobilise resources for priority areas like dealing with problems relating to undernourishment of children, environment and water," Kumar said.
At the launch event, Steiner had said that India is pivotal to UNDP's shared ambition to achieve the Sustainable Development Goals (SDGs).
Innovative finance through structures such as guarantees, social insurance, social impact bonds and impact investments, holds the key to unlocking private investment capital for the SDGs, particularly in a middle-income country like India, he had added.
The SDG Finance Facility leverages a strategic multi-stakeholder partnership with leading institutions in the ecosystem to tap into resources and agility of the private sector to solve some of today's most pressing challenges.
The SFF is a platform that will incubate innovative financial instruments aligned to the SDGs that will catalyse funding for improved social and developmental outcomes in India.
The Facility is an initiative of UNDP in partnership with the Swiss Agency for Development and Cooperation (SDC), financial services firm KPMG and Social Finance India, a TATA Trusts backed not-for-profit.