One last question. I can’t help but ask you about the social impact assessment. It is one of the most important things for all of the social economy market and impact investing players. Do the participants of the global forums and platforms see new trends in this area?
Certainly, the landscape of social impact assessment is rapidly evolving, and participants in global forums and platforms are actively observing and adapting to new trends. They are increasingly acknowledging the need for standardized frameworks and metrics to measure and communicate social impact effectively. There is a growing emphasis on transparency, accountability, and the integration of environmental, social, and governance (ESG) factors into decision-making processes.
In 2017, recognizing the need for a deeper understanding, I personally collaborated with Duke University on an in-depth study on social impact assessment in India. This collaboration aimed to explore the intricacies of impact assessment within the Indian context and identify effective approaches despite the absence of a common platform.
Navigating this landscape has been a complex task. With no one-size-fits-all solution, impact investors often operate with diverse goals and metrics, making it challenging to establish a common standard.
Despite these challenges, IIC remains committed to fostering a culture of impact measurement and reporting within the industry. We believe that ongoing dialogues, collaborative efforts, and continued advocacy for standardized frameworks will pave the way for more effective social impact assessment practices in the future.
We thank Esha Saini, Research Associate at the India Impact Investors Council, for assisting in organizing this interview.