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Abstract
Economies are considered to have three sectors. First, the Public Sector which is owned by the State and provides services in the Public interest. The Second, the Private Business Sector which is privately owned and profit motivated and the last one is the third Sector that embraces a wide range of community, voluntary and not-for-profit activities. Third Sector organizations are created by groups or individuals to meet a shared need. People have made an effort to form these organizations to provide a service to advocate a cause for them where the business and government sectors failed. The primary objective of the proposed study is to examine the role of third sector organizations in the development of the economy where the formal sectors failed at the grass root level from a wide range of socioeconomic & management perspectives.
Key words: Third sector, Philanthropy, Socio-economic and Management.
Introduction
Economies are considered to have three sectors. First, the Public Sector which is owned by the State and provides services in the Public interest. The Second, the Private Business Sector which is privately owned and profit motivated and the last one is the third Sector that embraces a wide range of community, voluntary and notfor-profit activities. Third Sector organizations are created by groups or individuals to meet a shared need. People have made an effort to form these organizations to provide a service to advocate a cause for them where the business and government sectors failed.
Third Sector is another name by which the non-profit or voluntary sector is known. Third sector organizations are variously identified as voluntary association, civic association, non-government organizations and mutual aid organizations. Economic liberalization in developing countries like India has changed the direction of the country from socialistic pattern to market economy. Therefore, the involvement and participation of third sector organizations is relevant in all spheres of development activities. The process of liberalization of the Indian economy enabled the mushrooming of a wide verity of third sector institutions and their participation in social transformation programs.
One of the major limitations of Indian Parliamentary democracy has been its centralized nature. The centralized democracy in India has failed and pendulum has moved towards participatory and responsive government. A study by PRIA (Society for Participatory...