Innovative Financing for Development: An Anecdote from India
Millennium Development Goals (MDGs) introduced by the United Nation in the early 2000s has forced both developed and developing countries to innovate new sources of development finance to assist the official development aids. Innovative financing includes innovations in both the way funds are raised as well as the ways funds are spent more effectively and efficiently on development by addressing global social and environmental challenges. Over the past 15 years the innovative financing mechanism has experienced a paradigm shift from offering a basic resource mobilization tools to a diverse range of solutions-driven financing instruments to discourage grant financing and encourage investment from private sectors in development. In this paper we try to study the development and contribution of Innovative financing at Global level and the role of Innovative financing instrument in the development of Indian economy. This paper has incorporated the shortcomings of traditional ODA and also studied the growth of innovative financing instruments in context of India to provide finance in depriving social areas like health, poverty, education and agriculture. India still faces enormous intermediate challenges in the growth of innovative financial instruments and there is more need to be done to face the growing challenges of development.
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