Today's world is facing the burden of three major 'diseases' - poverty, unemployment and environmental degradation. One of the reasons for this state of affairs is the inherent nature of the capitalistic model of the economy, driven by a sole concern for individual profit.
The benefits can be seen from the following-
- Social businesses are designed not to seek profits, but to attain socio-economic development
- Unlike corporate houses, social businesses are not concerned with profit pressures and the whims and fancies of investors, thus enabling them to invest in projects high on social returns rather than economic returns.
- Unlike charities, social businesses aim to generate their own revenue to achieve self-sustainability
- The collective reigns over the individual in the projects of these social businesses
- Collective responsibility ensures that individuals are protected and aided at all levels.
- Social businesses involve a participatory approach, with all stakeholders having an equal say in its operations
Way Ahead
Social entrepreneurship needs to be promoted in a dedicated manner. The government, being the country's first and foremost social entrepreneur, must invest more in health, education and other public goods and services. Financial and technical support to social businesses can be provided for them to break even.
Embracing social entrepreneurship can enable us to embrace socio-economic development in an inclusive and sustainable way. The viability of such businesses has already been proven across the world, as evidenced by the success of the Grameen Bank in Bangladesh. This will ensure India meets its UN SDG targets in an emphatic manner.
