Green Entrepreneurship and Solar Energy in India: Progress, Prospect and Challenges

Abstract

The climate change and the use of fossil fuels have induced the need for a green and renewable energy like solar energy. Accordingly the government of India has set the target of achieving 100GW solar capacity by the financial year 2021-22 and the government has proposed to achieve 1, 00,000 MW of solar energy by the end of 2019. To achieve this target and manage these objectives, it is crucial to focus on the qualified and skilled manpower resources in the solar energy sector in India. Realizing the pressing needs and immediate requirements, the Indian government has introduced several projects and schemes for the enhancement of skill and training for the entrepreneurs. Being, environment-friendly, pollution-free and green energy, both the Union government and state governments have started to allocate funds through various ways such as startups to promote entrepreneurship. Significantly, India’s promising solar energy resources, which is 5,000 trillion kWh per year, is pivotal for getting the energy of 4-7 kWh per Sq. m per day. Hence, there is a bright prospect for entrepreneurship in various areas like solar thermal, solar photovoltaic and solar rooftop. Hence the starting of solar entrepreneurship poses lucrative opportunity for entrepreneurship. Yet, there are some constraints due to lack of trained and skilled entrepreneur, lack of awareness in using advanced technology and products, and how to start solar energy business and entrepreneurship.Looking into all these perspectives, the paper will analyse the scope for investment and green entrepreneurship in the solar energy sector in India; entrepreneurs in the solar energy sector; government policies & progress; challenges in the entrepreneurship process, and prospect.