In order to make an impact in building new India, social enterprises are following the same processes as any other startup. Over the years, our country has witnessed a drastic broom in creating social enterprises and in facing socio-economic challenges which is why investors are also taking interest in coming forward and scaling the innovation of these enterprises. Our government has also taken this initiative of spending Rs. 1,13,000 crores on Digital India program so that India could become a digitally empowered society before the end of the year 2019.
Internet connections and mobile networking have reached even the smallest remote villages as well as bank accounts are also being available to all that is helpful in spreading universal digital literacy.
Building more and more social enterprises are also helping in reaching out to national and international buyers eliminating the middleman and additional cost. For example in case of an NGO, if it has a good social reach, it will be able to carry out its work efficiently in remote areas solving various issues like unemployment, poverty, etc. hence, social enterprise is also helping in removing economic inequality between urban and rural areas.
On the other hand, an increase in social enterprise is also increasing the use of innovation, new technologies, and unique business model. These enterprises are helping in growing India’s economy rapidly which in return has alleviated certain part of poverty from the country. The social enterprise is addressing the development needs of the country and maintaining sustainable revenue models.
Social enterprises have also given an exceptional platform to women by making them economically independent. According to Intellecap, in 2000, capital of $1.17 million was injected into social enterprises in India; in 2011, this figure rose to $250 million per annum.
Some examples of Social enterprise in India- social enterprise can be registered as nonprofit organizations, private companies, trusts, legal entities and cooperatives.
Amidst all the benefits evolved from the growth of social enterprises, there are few drawbacks as well that comes in the development of these enterprises. But the spread of knowledge amongst the individuals will definitely prove out to be a growing source to the enterprise.