Micro-credit is a tool to create entrepreneurship: Yunus

10 Jan 2017
Nobel peace prize winner and founder of Grameen Bank of Bangladesh Muhammad Yunus on Tuesday said that micro-credit is a tool for fostering entrepreneurship among the poor.
"Micro-credit is a tool to unleash energy for building entrepreneurship among the poor people. This will also stop the concentration of wealth in the hands of a few," Yunus said at the bicentennial celebrations of prestigious Presidency University here.
Yunus, who pioneered the concept of micro-credit in the world, said that social business is the only way to create wealth and also employment opportunities.
As compared to capitalist form of business which is driven by the profit motive, social business is all about creating happiness for others, he said.
"Unemployment is totally an artificial issue which was being thrust upon by the present societal system," he said.
"Why should today's youth seek jobs. Instead, they should look for creating jobs for others. This wrong thinking has put all of us in the wrong direction," he said.
He felt one should be a job creator rather than a job seeker.
"Poverty is not due to the poor people. It is created by the system. The poor people are the victims," the noted economist said.
Commenting on Donald Trump's victory in the US, he said, "The world was moving in the right direction in terms of decarbonising. But Trump's victory has left us worried because he viewed the idea of decarbonising the world by 2050 which is nothing but a hoax." (PTI)