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Global Steering Group's funds to meet long-term needs of developing nations

Press Trust of India  |  New Delhi 

group Chairman Emeritus Rata said Monday the impact investment being planned by the (GSG) in various fields would go a long way in meeting the needs of developing countries, including

He was speaking at the fourth annual GSG Impact Summit here. This is the first time the event is being held in

"The investment is going to meet the needs of the developing countries that need investment in infrastructure, investment in connectivity, education, medical facilities," said.

The UK-based GSG is an independent global network catalysing impact investment to benefit people and planet.

It was set up in August 2015 as the successor to the Social Impact Investment Taskforce established during UK's presidency of the

The GSG brings together leaders of finance, business and philanthropy to drive adoption of impact investing around the world, unlocking capital to solve world's most pressing challenges.

It is driven by its network of national and regional advisory boards, including 21 countries and the

Commenting on the impact which GSG investments could play in India, Tata said, "With these kind of investments, which would be monitored, it will be part of new which our is trying so hard to establish."

"India will owe you (GSG) a great deal in course of time for what you would have achieved," he said.

The summit was also addressed by former US and Nobel Laureate

GSG aims to grow investment capital from USD 150 billion to USD 300 billion and the number of people benefitting from 500 million to 1 billion by 2020.

GSG summit comes to India after (2015), (2016) and (2017).

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, October 08 2018. 18:45 IST