Social entrepreneurial ventures are the enterprises that are more interested in the upliftment of certain sections of the society that have been ignored or who cannot develop themselves. This paper sheds light on the gap between “entrepreneurship” and “social entrepreneurship “ and how social entrepreneurship will enable economic development and social development in Indian society. The design of this paper is to signify the following objectives of social entrepreneurship: (a) to provide an insight into the concept and history of social entrepreneurship (b) to study the role of social entrepreneurial ventures in eliminating economic and social problems faced by different sections of society. (c) to be acquainted with the contribution of social entrepreneurship towards society.(d) to highlight the challenges faced by social entrepreneurship.

Practical implications: To the best of our knowledge the existing literature is not able to establish relationship between economic development policies and social development. This paper is an attempt to help future scholars and social entrepreneurs to undertake social entrepreneurial ventures aligned with the objectives of the study and the importance of social entrepreneurs for economic development and social development. The present study will focus on the role of social entrepreneurship in eradicating societal problems and will highlight how social entrepreneurship can help in economic development.