In their book titled "Social Value Investing: A Management Framework for Effective Partnerships," professors William Eimicke and Howard Warren Buffett from Columbia University commend Prime Minister Narendra Modi's unique handling of Aadhaar, India's biometric ID system. The book emphasizes the significance of collaboration between the government, private sectors, and international and local participants to revitalize a system that had been stagnant for over two decades.

Eimicke and Buffett's motivation for writing the book stems from their belief that profit and purpose can coexist harmoniously. They argue that addressing global challenges such as inequality, climate change, and employment opportunities requires combined efforts from both the public and private sectors. Over the course of ten years of research, they discovered India to be particularly fascinating, with the Aadhaar system standing out as a testament to effective governance.

According to Eimicke, India's achievement is noteworthy due to its status as the world's sixth-largest economy. The biometric ID system not only ensures that all citizens are eligible for government benefits, regardless of their location, but it also facilitates the expansion of banking services into rural areas. Eimicke attributes the success of the initiative to the Modi government's collaboration with "India's Silicon Valley" in Bengaluru. The private sector played a crucial role as the backbone of the system, with registration being facilitated by 200,000 licensed entrepreneurs, making it a comprehensive effort involving local, international, government, private, and community entities.

Eimicke highlights how Aadhaar has enabled people in remote areas to access advanced medical care. Through telemedicine services provided by Apollo Hospitals, individuals in small villages in northern India can receive diagnoses for brain problems from world-renowned doctors in cities like Mumbai. He describes this capability as reminiscent of science fiction.

The book, "Social Value Investing," presents a five-point management framework that offers a fresh approach to addressing complex societal challenges. The authors argue for the development and measurement of successful partnerships between various sectors.

During the launch event of the book, Prof. William B. Eimicke engaged in an interactive discussion, emphasizing the need to transcend dogmatic extremes when analyzing the political economy. He stressed the importance of transforming partnerships between governments, businesses, and non-profits to effectively tackle the multitude of problems society faces. Eimicke discussed the power of social value investing, drawing from real-life case studies such as the Indian Aadhaar experiment, Apollo Hospital's telemedicine initiatives, the Summer Olympics in Brazil, and the revitalization of New York's Central Park.

The panel and audience, comprising economists, policymakers, entrepreneurs, investors, political leaders, and students, were captivated by Eimicke's lucid responses. He underlined the importance of aligning investments and priorities with the values and aspirations of millennials, who prioritize impact over profit. Eimicke believes it is time to redesign companies and investment strategies accordingly, forging creative partnerships among diverse agencies to solve pressing societal challenges.

As Eimicke and Buffett's book sheds light on the successful implementation of Aadhaar under Prime Minister Modi's leadership, it highlights the potential of social value investing to drive positive change and inspire similar collaborative approaches worldwide.