Entrepreneurship can tackle livelihood crisis in India

March 02, 2023

Over 77,000 companies have risen as a result of India's boom story, and social benefit organizations are following closely. These non-profit and for-profit social benefit organizations help India move closer to the Sustainable Development Goals while simultaneously functioning as conduits for the nation's citizens to generate revenue. The country is now aggressively supporting social innovation in the areas of health, poverty, skill development, education, climate change, and community building. Every social issue the nation is currently dealing with is inextricably tied to how people make a living. We may focus on resolving India's ongoing livelihood crisis by assisting social benefit organizations and entrepreneurial energy through investments, philanthropic funding, collaboration, and capacity building.

It is obvious that urban migration alone is unable to alleviate the livelihood dilemma given that more than 200 million people continue to live in multidimensional poverty. India requires formal employment opportunities and access to adequate skill development.

The formal employment market frequently employs talented middle-class people because there are few opportunities for those without financial access, digital literacy, or upskilling chances. Social benefit groups and social entrepreneurs are now playing a crucial role in bridging this opportunity and the unskilled labor divide by transferring technology-led innovations to underserved populations.

Most upskilling initiatives fail because they solely offer technical training. Numerous social innovation efforts are now assisting people in gaining both the technical know-how and the self-assurance needed to handle an unfamiliar environment.

The expansion of social benefit organizations and devoted social entrepreneurs is crucial for advancing India's growth story, putting an end to migration motivated by hardship, empowering rural livelihoods, and boosting employability.