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McKinsey Report on Impact Investing in India
Claudius Gutemann, McKinsey Report on Impact Investing in India 14 Sep 2017
insights from impact advisors & consultants 2017
Deborah Keller, insights from impact advisors & consultants 2017 04 Jul 2017
Other

Social Investment Landscape in Asia

AVPN has identified the need for a comprehensive overview of the Asian philanthropy and social investment landscape to offer social investors a guide to the opportunities for social investment in Asia. The Social Investment Landscape in Asia will be an invaluable resource for funders and resource providers as they assess the opportunities and challenges for philanthropy and social investment in the region. It is designed to be a guide for both new social investors looking to enter the Asian market and existing social investors exploring cross-border or cross-sector opportunities within the region. The Landscape is another way to further AVPN’s mission to increase the flow of financial, human and intellectual capital to the Asian social sector.

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Other

insights from impact advisors & consultants 2017

In this new report, T100: – Insights from Impact Advisors and Consultants 2017 , 37 impact advisors and consultants from 12 countries, partnering with 38 of Toniic’s 100% Impact Network members, open the door to their impact practices to demystify, inspire and activate both investors and the financial services industry. While today there are more impact firms and product offerings to choose from than ever before, information on impact intermediaries, especially for private asset owners, remains sparse despite the growth of the industry.

This report highlights different approaches, perspectives, and business models of impact advisors and consultants, demonstrates the growing range of innovative impact products and services, and explores trends, challenges and successes faced by practitioners. It intends to inspire asset owners and managers as they embark on their own
journey into impact.

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Other

Annual Impact Investor Survey 2017

The GIIN’s 2017 Annual Impact Investor Survey is based on an analysis of the activities of 209 of the world’s leading impact investing organizations, including fund managers, foundations, banks, development finance institutions, family offices, pension funds, and insurance companies. Survey respondents collectively manage nearly USD 114 billion in impact assets, a figure which serves as the best-available “floor” for the size of the impact investing market.

In its seventh edition, this state of the market report presents investors’ perspectives on key issues important to the impact investing industry, as well as analysis of their investment activity, asset allocations by geography, sector, and investment instrument, impact measurement practice, and performance. For the first time, the GIIN also examined investor perspectives on current market topics, such as market segmentation, the role of below-market-rate capital in impact investing, the entry of large-scale financial firms into the market, and impact investing in public equities. New topics also include investors’ commitment to the UN Sustainable Development Goals.

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Acceleration/ incubation

Accelerating Startups in Emerging Markets

The second major report from GALI, written in collaboration with Deloitte, compares acceleration in emerging markets versus high-income countries. Examining data from more than 2,400 early stage ventures that applied to 43 programs, it finds more similarities between emerging market and high-income country entrepreneurs and accelerator programs than commonly believed.

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Energy and Power

Improving access to electricity through decentralised renewable energy

Despite significant efforts, access to electricity remains inadequate across Sub-Saharan Africa and India. Of the over 1,27 billion people living in Sub-Saharan Africa in 2016, roughly 65% did not have access to electricity. India has made considerable strides in village-level electrification, with 96% of all villages now electrified. Yet 51 million Indian households (244 million people) still lack access to electricity today.

Lack of electricity has severe economic impacts: the costs of power outages can easily reach 1–2% of GDP.2 At the local level, studies show that schools without electricity have poorer staff retention and educational outcomes than those with and that electrification has positive effects on household incomes.3 At the macrolevel, connectivity, healthcare, agriculture, and smallbusiness development are just a few of the sectors that depend on a reliable energy supply. African firms report losing 5% of their sales because of frequent power outage; that figure rises to 20% for informal firms unable to afford backup generation.

Given the importance of electricity to economic and social development, many countries have announced ambitious electrification goals – yet challenges remain. For example, India and Nigeria plan to reach universal electrification by 2019 and 2030, respectively. However, these goals rarely align with financial, political, and institutional reality on the ground. Numerous challenges persist, including: insufficient power generation, poor transmission infrastructure, last-mile distribution challenges, affordability of power, and inadequate and inappropriate sector funding. Achieving universal
access will therefore require coordinated efforts by the development community, government, and the private sector.

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Other

Review of Foreign Direct Investment (FDI) policy on various sectors

1. Relaxation of rules for application of higher withholding tax rate in the absence of a PAN

The Indian Income Tax Act provides for a payer to apply a higher withholding tax rate if the recipient of income does not furnish its Permanent Account Number (PAN). This was also applicable where payments were effected to non-residents and the latter had to obtain a PAN to that effect.

However, the Indian tax authorities have recently issued a notification whereby the requirement for non-residents to have a PAN has been made less stringent. Pursuant to the notification, the higher withholding tax rate would not apply to a non-resident for the following payments, even though it does not have a PAN:

(i) Interest;
(ii) Royalty;
(iii) Fees for technical services; and
(iv) Payments on transfer of any capital assets.

Nonetheless, the non-residents which would be receiving the income should furnish the following details:

• name, email, contact number;
• address in country of residence;
• Tax Residency Certificate (TRC); and
• Tax Identification Number (TIN) in country of residence.

Most of the above details are already being provided by non-resident recipients of income by way of a TRC and/or Form 10F which are prerequisites in India to avail of benefits under a Double Taxation Avoidance Agreement (DTAA). The new amendment will, therefore, reduce the administrative and compliance burden for non-residents which are receiving income from India.

2. Amendment to the retrospective applicability of the General Anti-Avoidance Rules (GAAR)

The Income tax department in India has, via a notification issued on 22 June 2016, provided clarifications on the retrospective applicability of the General Anti-Avoidance Rule (GAAR) as follows:

(i) GAAR will not apply to income derived by a person from transfer of investments made before 1 April 2017. The earlier version of the GAAR provided for this date to be 30 August 2010.
(ii) GAAR will apply to any arrangement irrespective of the date it has been entered into if a tax benefit is obtained on or after 1 April 2017. Previously, this date was 1 April 2015. 2
 
3. Liberalisation of foreign direct investment policy in India

Further to a meeting chaired by Prime Minister Narendra Modi on 20 June 2016, the Government of India has taken steps to further liberalise the foreign direct investment (FDI) regime and on 24 June 2016, the Department of Industrial Policy and Promotion (DIPP) issued Press Note 5 of 2016 Series (Press Note). Now, most sectors would fall under the automatic approval route, except for a small negative list. As per the Press Note, changes introduced in the policy include increasing sectorial caps, bringing more activities under the automatic route and easing of conditionality for foreign investment.

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Energy and Power

India in the Top 5 for Green Energy Investments

India is now among the top five countries in the world in terms of investment in renewable energy, solar photovoltaic (PV), solar water heating capacity, wind and hydropower capacity, according to a global renewables report released at the beginning of the month. 

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Other

India to see the Largest Inflow of Emerging Market Private Equity Investment

The survey conducted by EMPEA, a global industry association for private capital, featured the views of 107 Limited Partners (LP's) on emerging markets private equity asset class.

The report said, “India has ridden an impressive wave of upward momentum over the past three years, experiencing the largest positive shifts in the LP attractiveness rankings in both 2015 and 2016.”

“Increasingly bullish LP sentiment toward India coincides with rising fund commitments: in 2015, fund managers raised US$4.5 billion for India—the most raised for the market since 2008.”

The survey showed that 30% of respondents plan to either begin or expand investment in India over the next two years, rather than other emerging markets.

Red Ribbon Asset Management Plc provides a managed route into India for investors who seek responsible wealth generation through the principles of Impact Investment. They are investing in excess of £400 million over the next decade in greenfield projects that are scalable and topical to the Indian economy. Get in touch with them to find out more. 

 

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Other

Real Assets and Impact Investing: A Primer for Families

The ImPact Asset Class Primers series explores the many ways families make impact investments today, and the potential to create diverse and balanced portfolios of impact investments.

This month's report focuses on to real assets. Families investing in sustainable real estate, farmland, timberland, and fisheries can create measurable progress in addressing the local and global challenges of climate change, food security, affordable housing, and community revitalization. This primer explores real asset investment strategies families use today, as well as trends that may affect the market in the future.

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Other

Private Capital for Sustainable Development Concepts, Issues and Options for Engagement in Impact Investing and Innovative Finance

Private Capital for Sustainable Development: Concepts, Issues and Options for Engagement in Impact Investing and Innovative Finance is the result of supported by the Danish Government (Danida) in cooperation with ET Jackson & Associates on strategies and tools available to donors (and other social funders) to mobilize private capital for sustainable development.

 

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