GSG's planned investment to go long way in meeting needs of developing countries: Tata

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

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

"The investment is going to meet the needs of the developing countries that need investment in infrastructure, investment in connectivity, education, medical facilities," Tata 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 G8.

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

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

Commenting on the impact which GSG investments could play in India, Tata said, "With this kind of investments, which would be monitored, it will be part of new India which our Prime Minister 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 Vice-President and Nobel Laureate Al Gore.

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 London (2015), Lisbon (2016) and Chicago (2017).

(With inputs from agencies.)