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Among thousands of burning problems, Unemployment is most devastating one. Government sector and private sectors a very few work opportunity compared with population growth in India. Each year a large number of youth joint with existing unemployed youth. India has a population of over 132 cr of which 63.6% fall between 15-64 year age bracket.
This is going to increase to 1.7 billion by 2050 as per national data centre. Every year 2 lakh unemployed added join the labor force. Nearly 74% of the jobless people are young.Indian’s 50% people come in youth category and it will expect that nearly 30% of them unemployed by 2030.
The unemployment situation poses a precarious picture & largely explains the frustration & restlessness in the society. Self-employment and creating employment opportunity for the youth is a great challenge. Social business can mitigate the problem slightly. By investing in a social business venture or company create more employment opportunity.
The objective of the venture or business is purely to achieve one or more social objective through operation of the venture more specifically reduction of poverty and creating employment opportunity but traditionally In capitalist economy, profit maximizing of shareholder is the mail goal of business operation
With the goal of achieving social welfare introduced another kind of business that recognize the multidimensional nature of human being. The business is social business, A social business is designed and operated as a business enterprise, with product, services, customer, markets , expenses, and revenue. It is a no loss, no dividend, self-sustaining company that sells goods or services and payback investments to its owner but whose primary purpose is to serve society and improve the lot of the poor. Investors get backthere money but not more than that,means no dividend on investment.
Exclusive profit maximizing motives of capitalistic economy has been largely responsible for creating poverty. Poverty reduces with the augmentation in employment. To address the issue apparently introduced corporate social responsibility (CSR) in traditional capitalism business in order to enable it to protect the interest of the poor people. Big organisation who allow CSR are not pay attention for for proper utilisation of same because there main concern is to give return on investment of share holder . As a results, the impact of CSR on poverty alleviation proven insignificants. Since The poverty is the most important case among several cause of increasing unemployment.
The alleviate poverty by creating new employment opportunity introduced another kind of business called social business. Entrepreneurs will set up social businesses not to achieve a limited personal gain but to pursue specific goals. Employment greatly depends on investment. Investment is the most vital factor for economic growth and development. Employment creates earning capacity and ensures workers entitlement on goods and services. According to the development thinkers it may work as a revolutionary tools in creating employment opportunity for youth through more and more investment in social business.
