Green Entrepreneurship in the Changing Market Scenario in India

Abstract

The rising global concern on climate change and sustainable development has led to a paradigm shift in the Indian markets. Consumers today prefer green products over conventional products as they are growing environmentally and socially responsible. As a result of the growing base of eco - consumers several individuals and organizations are taking advantage of the contemporary Indian market scenario by innovating and redesigning their products with a green perspective. Hence the concepts of green entrepreneurship and green marketing are slowly and steadily establishing stronghold in the Indian markets. This study is exploratory in nature as it offers insights into the emergence of the concept of green entrepreneurship and its role in the Indian context. Based on the available literature the study proposes a conceptual model which explains the nexus between environmental, economic and social factors in development of green entrepreneurs which further leads to achievement of sustainable development. The opportunities and challenges for green entrepreneurship development are also explored in light of the initiatives taken by business houses, individuals and the Government of India by taking up case studies of successful green entrepreneurship ventures.