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Inclusive Business Market Study for India and Sri Lanka

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Inclusive Business Market Study for India and Sri Lanka INCLUSIVE BUSINESS MARKET STUDY FOR INDIA AND SRI LANKA DRAFT FINAL REPORT OCTOBER 30, 2012 ADB Inclusive Business Market Study for India and Sri Lanka Final Draft Report List of abbreviations used ADB Asian Development Bank BOP Base of the pyramid BMGF Bill & Melinda Gates Foundation DFI Development finance institution DFID Department for International Development ESG Environmental, Social and Governance (criteria for investment) FDI Foreign direct investment FMO Netherlands Development Finance Company GDP Gross domestic product GDP (PPP) Gross domestic product at purchasing power parity HDI Human development index IB Inclusive business IFC International Finance Corporation IPO Initial public offering IRR Internal rate of return JICA Japan International Cooperation Agency KfW Kreditanstalt für Wiederaufbau, a German government-owned development bank LIS Low-income states LP Limited partner MPI Multidimensional poverty index NORFUND Norwegian Government’s Investment Fund for Developing Countries NSDC National Skill Development Corporation PE Private equity R & D Research and development SIDA Swedish International Development Cooperation Agency SIDBI Small Industries Development Bank of India SME Small and medium enterprises Swedfund Swedish Government’s Investment Fund for Developing Countries TA Technical assistance VC Venture capital 1 ADB Inclusive Business Market Study for India and Sri Lanka Final Draft Report TABLE OF CONTENTS Table of Contents .......................................................................................................................... 2 1. Identifying and Supporting Inclusive Businesses ..................................................................... 4 1.1. ADB’s definition of inclusive business ................................................................................. 4 1.2. Potential strategies for scaling-up inclusive businesses...................................................... 5 1.3. About ADB’s Inclusive Business Initiative ............................................................................ 6 2. Findings and Recommendations ............................................................................................. 7 2.1. Background and methodology ............................................................................................ 7 2.2. Findings................................................................................................................................ 8 2.3. Recommendations............................................................................................................. 14 3. Macroeconomic assessment of India .................................................................................... 15 3.1. Overview of performance on economic and social indicators .......................................... 15 3.2. Key Inclusive Business Sectors and Government Initiatives ............................................. 19 3.3. Key trends shaping the economy ...................................................................................... 24 3.4. Size of the market at the base of the pyramid .................................................................. 28 3.5. Climate for enterprise and investment ............................................................................. 29 4. Macroeconomic assessment of Sri Lanka .............................................................................. 31 4.1. Overview of performance on economic and social indicators .......................................... 31 4.2. Key trends shaping the economy ...................................................................................... 35 4.3. Size of the market at the base of the pyramid .................................................................. 37 4.4. Climate for enterprise and investment ............................................................................. 38 5. Inclusive business mapping .................................................................................................. 39 5.1. Overview of our methodology .......................................................................................... 39 5.2. Analysis of findings ............................................................................................................ 41 5.3. Funding needs of Inclusive Businesses .............................................................................. 53 5.4. Implications for ADB .......................................................................................................... 57 6. PE markets assessment ........................................................................................................ 58 6.1. Overview of our methodology .......................................................................................... 58 6.2. Analysis of findings ............................................................................................................ 60 7. Donor mapping.................................................................................................................... 69 7.1. Overview of our methodology .......................................................................................... 69 7.2. Analysis of findings ............................................................................................................ 70 8. Highlights from the Inclusive Business Forum and Roundtable Discussions ............................ 74 8.1. Objectives .......................................................................................................................... 74 8.2. Participation ...................................................................................................................... 74 8.3. Highlights ........................................................................................................................... 74 9. Bibliography ........................................................................................................................ 79 2 ADB Inclusive Business Market Study for India and Sri Lanka Final Draft Report List of Figures Figure 1: Classification of business models ............................................................................................. 4 Figure 2: Potential strategies for scaling up inclusive business activities ............................................... 5 Figure 3: Framework to organize insights collected in the study ........................................................... 7 Figure 4: Total and equity-only FDI inflows into India .......................................................................... 15 Figure 5: Gross domestic product (GDP) at PPP ................................................................................... 15 Figure 6: Historic and planned sector growth rates ............................................................................. 16 Figure 7: Contribution of sectors to GDP and labour force employment ............................................. 17 Figure 8: Percentage of India's population in 9 poorest states ............................................................ 18 Figure 9: Half of the households in India do not have access to basic sanitation facilities ................. 21 Figure 10: Projections for India's working age population ................................................................... 25 Figure 11: Distribution of urban and rural population ......................................................................... 25 Figure 12: Increase in the number of urban towns .............................................................................. 26 Figure 11: Annual household consumer expenditure in India (1987-2010) ......................................... 27 Figure 14: Market size of India's BOP ................................................................................................... 28 Figure 15: India's credit ratings by various rating agencies .................................................................. 30 Figure 16: Gross domestic product of South and Southeast Asian countries ...................................... 31 Figure 17: Weighted contribution to GDP growth rate by sectors ....................................................... 32 Figure 18: Composition of FDI inflows .................................................................................................. 33 Figure 19: Age profile of Sri Lanka’s population ................................................................................... 35 Figure 20: Unemployment in Sri Lanka by education level and age group .......................................... 36 Figure 21: Segmentation of market at the base of the pyramid .......................................................... 37 Figure 22: List of IBs whom we conducted in-person interviews with ................................................. 39 Figure 23: Distribution of survey respondents ..................................................................................... 40 Figure 24: Primary BOP engagement mode of survey respondents ..................................................... 41 Figure 25: Additional BOP modes of engagement ................................................................................ 42 Figure 26: Consumer model strategies ................................................................................................. 42 Figure 27: Distributor model strategies ...............................................................................................
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