As India pursues its ambition of becoming a developed economy by 2047, one challenge is becoming increasingly evident: Public expenditure, private investment and philanthropy, even if moving in tandem, would not be able to finance the scale of investment needed to secure livelihoods, protect the environment and sustain inclusive growth. From climate-resilient agriculture to community-managed clean energy, the missing ingredient is the availability of patient, risk-tolerant capital, deployed through the principles of blended finance, that could attract larger pools of commercial debt finance.