1 Could you share your journey with GSG Impact so far? What inspired you to join the GSG Impact Board, and how has this experience shaped your perspective on the global impact investment ecosystem?

I think the GSG Impact philosophy, in some ways, is very similar to the IIC philosophy. It's about evangelizing the impact investing space, bringing in new pools of capital, and enabling policies for the impact investing ecosystem. Therefore, I think both these entities, one at a global level and one at an Indian level, play a similar role in terms of catalyzing capital. IIC, I believe, became a member of GSG Impact as soon as it was created, and so to that extent, there has been a constant interaction with GSG Impact. One of the things that I found unique about GSG Impact was the innovative impact products that were being developed, which could be taken to market, and to that extent, how those could be used for India. And at the same time, India was innovating a lot, and discussions around how these innovations could be shared with the rest of the world were taking place.

2023 is when India had the G20 presidency, and through the years, with the G20 taking place in geographies of the Global South like Indonesia and Brazil, with the next one in South Africa, India has emerged as the voice of the Global South. And so I believe GSG Impact realised it is important to have strong Global South voices. Having said that, the GSG Impact Board requires election by its members, a process similar to that of IIC. This was a strong validation in regards to what we all at IIC have been able to achieve in terms of India's attractiveness in the impact investing ecosystem. India, 10 years ago, when we had just launched IIC, was sort of a global laboratory for impact investing. Today, it is the global leader in impact investing. This translation of the Indian economy being recognized globally has been immensely fulfilling to witness.

2 In your view, what is the most critical role GSG Impact plays in fostering and scaling impact-driven investments globally? How does GSG Impact act as a catalyst for bridging capital, innovation, and social impact?

I think a major role is the innovation in products and the very focused understanding of policy, which cuts across national-level policies into more global policies. It is really impressive how GSG Impact has been able to enable policy-level changes for impact investing. The other thing is their focus on impact transparency and measurement of impact transparency by creating global accounting standards. So, for example, you have GAAP and other accounting standards, and similarly, GSG Impact is looking at creating an impact standard, which is then accepted by all, enabling comparison and transparency. All of this is followed by impact reporting. The idea is to potentially have an impact report come out annually, similar to a financial report.

Additionally, earlier, we were called the NABs or the National Advisory Boards. Now, it's being re-christened to National Partners—that's not just a nomenclature shift but also a philosophical change that the National Partners are now working together.

3 How can IIC and GSG Impact collaborate more effectively to channel significant impact capital into India? Are there specific areas or initiatives where you see the greatest potential for synergy?

The Global North is currently seeing major political and leadership shifts, whether that be in the US, UK, Germany, Canada, or France. India, to that extent, possesses immense stability, providing tremendous opportunities for SDG financing, impact investing, and the like. So how we can leverage IIC and GSG impact networks and platforms to be able to assure the Global North that there are credible ways to build impact financing here is of paramount importance. Say, if a government decides to be more inward-focused in the Global North and decides to not look at other countries in terms of investing, how do we create new pools of capital to meet such gaps? Would the answer lie with the capital in family offices, pension funds, and new wealth? Or even focusing on investors from Asia-Pacific—Japan, Korea, Australia, and the Middle East? I think this is a huge opportunity for IIC and GSG Impact to collaborate and prove India as a safe, stable, and attractive market, and at the same time as an opportunity to meet the SDG goals.

Climate financing, sustainable agriculture, and food security have big opportunities. The Ukraine war has caused a huge amount of debt and food shortages globally. And therefore, how we get Africa, India, and other countries in Asia to improve farm productivity, farmer incomes, yields of crops, and uptake of climate-resilient agriculture becomes important. This is not just to make up for the shortfall that the Ukraine war there has caused, but also to use it to create a cultural shift in the way we go about the climate and agri intersections. I’ve been blessed to have been on the Brazil G20 Taskforce for Food Security and Sustainable Agriculture, and I can tell you this sector has both a huge need and tremendous potential.

4 What are the GSG Impact Board's top priorities over the next 1-2 years? How do you see these priorities influencing the trajectory of impact investing globally and in emerging markets like India?

While I’m yet to properly sink my teeth into this role, there are two major things that I’m excited for. One, as I previously mentioned, is the nomenclature change from being a National Advisory Board to being National Partners. So it's not “We will tell you what to do and implement,” but it is a very “What can we do for you? What are the challenges you face? What do you think would be the right way forward?”. It is a shift to be more collaborative with the National Partners, as opposed to being directive. This nomenclature change shows a lot more vision in terms of where GSG Impact wants to go, and that's really exciting for me. Secondly, even the entity GSG Impact was earlier just called GSG; now it's called GSG Impact. If you go to the website, you'll see the new colours and the new nomenclature. It's very clear that its focus is impact. Moreover, I have been talking to the Chairs of Brazil and the South Africa National Partners about the possibility of a G20 continuum so that there is synergy in what is discussed year on year. And therefore, not just India working with GSG Impact or GSG Impact working with India, but, for example, India National Partner to Brazil National Partner—working horizontally as well as vertically—sounds exciting to me.

5 What do you identify as the most pressing challenges in scaling impact investments in emerging markets like India? How can GSG Impact address these challenges and support the development of a robust impact ecosystem?

At IIC, it is critical for us to focus on advocacy in terms of creating fluidity between the silos of regulation. We have to advocate from the standpoint of what the country and the people prioritise, whether that be impactful initiatives for SMEs, financial inclusion, women empowerment, or others. A clear indication of how impact investments have helped catalyse the growth of the aforementioned areas should be outlined, followed by the policy we aim to propose and how it will fuel growth further. There's a lot of effort that goes into crafting policy proposals, in terms of research and in terms of positioning it to the government, but it is a crucial aspect.

India has to solve for India. We have to do the work in terms of working with the numbers, the government units, and other stakeholders. GSG Impact can always give us examples of how other countries’ policies have changed, and we can take constructive inspiration.

Any closing thoughts?

We have much to learn and share with each other. Let me close with the opening words of Charles Dickens’ Tale of Two Cities, “It was the best of times; it was the worst of times.”. That sounds a lot like the world we are living in. India has a lot to contribute to the SDGs. India has a lot to contribute to the Global South. India has a lot to contribute to the world. I am filled with HOPE.