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In a landmark convergence of high finance and grassroots empowerment, Union Minister Jayant Chaudhary on Thursday rang the bell at the National Stock Exchange (NSE) to mark the listing of NABARD-NSDC Zero Coupon Zero Principal (ZCZP) bonds, saying that India's deepest competitive edge lies not just in technical innovation but also in its institutional capacity for empathy.
Speaking at the Bell Ringing and Listing Ceremony on the Social Stock Exchange (SSE), under the theme "Connecting Rural Talent to Global Opportunities," the Minister highlighted the transformational role of innovative financial instruments in institutionalising social impact. "The single most important long-gestation investment that all of us have to make is in the people of India," Chaudhary said, addressing market leaders and institutional heads at the National Stock Exchange. "What really differentiates us is our capacity for empathy and our connectedness to our roots. The Social Stock Exchange is nothing else but an effort to institutionalise that spirit of caring, giving, and empathy." Highlighting the evolution of outcome-based finance models under the Pradhan Mantri Kaushal Vikas Yojana (PMKVY), Chaudhary called for an ecosystem-wide drive to ensure dignity for every worker. "We can set the framework, do the enabling, and create an ecosystem, but really, to create value, provide aspiration, and provide dignity to every worker is the responsibility of every capable citizen," Chaudhary said, encouraging Corporate India to utilise the SSE as a transparent mechanism for corporate social responsibility (CSR) deployment. "Make more money, enhance efficiency and profitability, make lots of money for your investors, and flow even more money back into social projects through the Social Stock Exchange," he added. Dr. Shaji K.V., Chairman of NABARD, highlighted the role of blended finance instruments in promoting rural development and strengthening climate resilience. "By leveraging outcome-based instruments like Zero Coupon Zero Principal bonds on the Social Stock Exchange, we are blending institutional capital with social enterprise to connect rural youth directly to global employment opportunities," Dr. Shaji said. Addressing agricultural sustainability, he added, Insulating our rural economy against climate disruptions requires dedicated capital deployment, which is why our upcoming climate fund is structured to build long-term resilience for smallholders. Highlighting NABARD's broader mandate, Dr. Shaji reinforced the need for institutional support, stating, "We need to create novel risk-sharing and credit-guarantee mechanisms that give mainstream financial institutions the confidence to extend seamless credit to small and marginal farmers." Ashish Kumar Chauhan, MD and CEO of NSE, also addressed the gathering, highlighting the entry of private sector CSR into the Social Stock Exchange following the government's creation of the framework, with stakeholders "all coming together for one shared purpose." He added that "every outcome, every rupee will bring much-needed accountability and efficiency to public spending on social security." Chauhan concluded the session by encouraging market participants to strengthen their participation in the platform. "Let's continue to use the Social Stock Exchange to create a better, broader, and more resilient social impact ecosystem together," he said. (ANI)
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