New Delhi: The Confederation of Indian Industry has released a report titled “The Social Entrepreneurship Landscape in India and The Way Ahead”, which addresses the key issues regarding social entrepreneurship and its potential future in India. With numerous first-hand accounts from social entrepreneurship experts, it is apparent that the term ‘Social Entrepreneurship’ ought to be adapted and legally defined in the Indian context, in order for it be functional.
Another key aspect that the report addressed was the importance of the ability to bring more clarity about the ecosystem of social entrepreneurship and emphasize the fact that there is scope for setting better terms of transaction amongst investors and other stakeholders. The Social Entrepreneurship landscape has been very promising and in order to leverage its full potential it is critical that we have a more refined financial and legal infrastructure to best address the aspirations of 1.35 billion people. There is also a need to encourage the youth of India to pursue a path in social entrepreneurship to create a much more vibrant ecosystem.
The government is taking initiative with various programs focused on grassroots level development in the last decade as they venture further into previously untouched and unexplored territories. Given its immense potential to create massive social change and on-ground transformation, the domain is still seen through the non-profit and/or charity lens, hence creating unnecessary regulatory and policy hurdles in its evolution, growth and development.
Therefore, it becomes more critical to define it and design a robust regulatory framework to propel its growth and progress across the spectrum, helping entrepreneurs create sustainable and financially viable enterprises that have the power to influence social change at the grassroots level.