SOCIAL INNOVATION IN EMERGING ECONOMIES: A NATIONAL SYSTEMS OF INNOVATION BASED APPROACH

India has paid a lot of focus on social innovation in emerging economies, with an emphasis on encouraging inclusive growth and tackling societal concerns. This process has been shaped and supported in large part by a national system of innovation (NSI) based approach. The NSI framework in India acknowledges the significance of coordination and collaboration among numerous stakeholders, including the government, academia, business, and civil society. It encourages fusing knowledge, technology, and entrepreneurship to fuel social innovation. The construction of incubation centers, innovation labs, and funding programmes that explicitly support social entrepreneurs are just a few of the measures that have been put in place to foster social innovation. These initiatives aim to support sustainable development, improve access to essential services, and strengthen local communities. The NSI method has also made it easier to develop networks and venues for mentoring, capacity building, and knowledge sharing. Through the exchange of ideas and best practices, these collaborative spaces support cross-sectoral cooperation. To address urgent societal issues and pave the road for sustainable and equitable growth in emerging economies, India's NSI-based approach has been crucial in fostering social innovation.