Create businesses to solve problems: Dr. Yunus


    Jamshedpur, Aug. 29: Nobel Laureate, Prof Muhammad Yunus has said that there is a need to create businesses to solve problems, not to generate money.

    The problem is not in the paper, but in the thinking. One does not have to change the world, just one person to begin with and thus instilled a sense of social entrepreneurship among the young gathering.” He noted.

    XLRI- Xavier School of Management, Jamshedpur organized an Interactive Session with the Eminent Economist and Nobel Laureate, Prof Muhammad Yunus. Prof. Muhammad Yunus, often called “Banker to the Poor”. He is a world renowned social entrepreneur, banker, economist, and civil society leader.

    He was awarded the Nobel Peace Prize in 2006 for founding the Grameen Bank and pioneering the concepts of microcredit and microfinance. The Grameen Bank model of microfinance now operates in more than 100 countries worldwide.

    As of today, about 9 million people benefit from the financial services accorded by Grameen Bank and remarkably, 97% of the beneficiaries are women.

    In 2012, Prof Yunus was described as one of 12 greatest entrepreneurs of the current era, and has also been named among the world’s top 100 most influential thinkers by the Foreign Policy magazine.

    Besides the Nobel Prize, Prof Yunus has been felicitated by numerous awards and honors including the US Presidential Medal of Freedom, Ramon Magsaysay Award (1984), the World Food Prize, the International Simon Bolivar Prize (1996), the Sydney Peace Prize (1998), the Seoul Peace Prize (2006), etc.

    The session was conducted by Prof. Madhukar Shukla and was attended by Fr. E. Abraham S.J., Director, Dr. Ashis K Pani, Dean (Academics) besides other Professors and the students of XLRI.

    At the session, Prof Yunus talked about businesses as a medium for solving problems and reducing the disparity between the various economic sections of the society.

    He went on to talk about the problems encountered in his crusade against loan-sharks and his commitment to serve the destitute who lacked access to basic financial services.

    He illustrated the progress that societies can make through entrepreneurship by citing various examples from different parts of the world.

    He also highlighted the difference between helping through charity and helping through businesses which make money and ensure sustainable progress of the downtrodden sections of the society and advocated the latter.

    He held the current financial institutions responsible for the poverty prevalent in the world.


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