Emerging Business Opportunities in the replaceable Energy Sector in Indi…

Introduction

The New and replaceable Energy sector has attained extensive attention in recent years. The replaceable energy supplies are crucial not only for achieving energy security but also for environmental sustainability. The globalization has rule to a rapid increase in the need for the energy and there is an increased thrust on alteration of the existing energy mix. In India, the government has implemented various initiatives for the promotion and development of the replaceable energy supplies, such as, solar energy, wind energy, bioenergy, geothermal energy, etc. The aim is to promote the utilization of the replaceable energy supplies by the policy reforms, public-private partnership and development of the Ultra Mega strength Projects (UMPP). The current proportion of the possible replaceable energy in the energy mix stands close to 15%. The estimated replaceable energy possible from commercially exploitable supplies for India is around 900 GW with a total installed capacity of around 310 GW. consequently, there is huge scope present in this sector. The government has implemented various projects in the replaceable energy sector with an emphasis on research and development, technical and financial sustain, public awareness and public-private sector synergy. The Ministry of New and replaceable Energy (MNRE) focuses on the deployment of the projects and incentives by participation from the states and various administrative levels. Regulations have been stated at the state level for promoting replaceable energy projects in the respective states. There are, however, constraints present in the realization of the replaceable energy mission in terms of credit risk, technical risk, policy risk and social factors, which may rule to delays as per the expected results. The other important factor is to attract new entrants in this sector by ensuring credible and genuine returns, expansion opportunity and flexible regulatory norms. It is also crucial to ensure that the benefits are extendable to the community, in terms of job opportunities, increased standard of living and environmental sustainability.

Green Entrepreneurship

Green Entrepreneurship is essentially concerned with the inventive business aimed to address the issue of environmental concerns and offering solutions to mitigate the associated problems. These businesses leverage the opportunities that exist in the environmental sector and deploy measures for the sustainable development of the society. The recent upthrust by the government is enabling different opportunities for these entrepreneurs to gauge in the replaceable energy sector.

Current Scenario

The replaceable energy sector offers wide opportunity in terms of growth and environmental sustainability. There is however a need to consider the evaluation and bench-marking criteria for the businesses in this sector. There is also a without of cost effective strategy for the same in the Indian scenario. The enterprises are marred by high initial costs and computation methods for the estimation of capacity. This is further exaggerated by the without of domain skill and limited awareness and motivation among the people. The government, although, has developed policies for supporting the green entrepreneurship and has provided different incentives, but this sustain seems to be limited in its reach. This allows for limited indulgence of the businesses in the sector.

Opportunities

The acceptance and credibility of the business is a basic factor for the success of a green entrepreneurship venture. There is plethora of opportunities in the various domains of the replaceable energy sector. These domains include the solar energy technology and installation, bio-fuel generation, bio-fertilizers, consulting sets, etc. The government has initiated various programs to sustain the entrepreneurship in the country, particularly in the replaceable sector. The benefits are provided in terms of incubation centres and mentorship. There are also firms and investors obtainable in the market, to lend sustain for the green business initiatives. The focus is not only on the generation of the replaceable energy, but it also encompasses the storage and dispensing of the energy. consequently, there is wide variety of options obtainable in terms of market and finances.

Recommendations

The following recommendations aim to provide the guidelines to the entrepreneurs to clarify the appropriate domain in the replaceable sector. These are based on the premises of selecting the business vertical as per the base location, energy source, government incentives, etc.

1. The entrepreneurs need to develop an understanding about the different types of supplies together with an emphasis on the feasibility for realizing the possible of the different supplies in their base state. The dominant focus should be to estimate the harness possible of the supplies based on economic and technology front. The existing position of industrial area in the area should be determined to generate an overview of the industrial scenario of the state.

2. The obtainable harnessing possible should be evaluated as per the different methodologies and technicalities. for example, in case of solar energy utilization, there are different methods of solar energy usage, such as Grid-connected solar generation, Phase Change Materials (PCM), Rooftop solar strength projects, etc. Also, the examination of the resource possible of the vicinity should be in terms of area availability, wind/sunny days, availability of biomass and its accumulation, suitability of land in terms of jatropha cultivation, etc. The implementation guidelines should be highlighted based on census data examination.

3. The existing regulatory and infrastructure framework in the replaceable energy sector should be studied. Also, the other crucial factors are the provision of the economic and administrative sustain.

4. The enterprises should study the project implementation examples in the sector from different states, to clarify the existing gaps and developing solutions to bridge the same.

5. Identifying the technical, social and political barriers in the implementation of replaceable energy projects is crucial, particularly in the initial stages. One important part is to enhance the knowledge about this sector among the masses. Also, it is basic to clarify the possibility and plan for achieving the public and private sector synergy in this sector, particularly in the initial years of project development.

6. Generating an understanding the plausible impact of the Goods and sets Tax (GST) and other initiatives by the government, like ‘Make in India’ and ‘Stand-up India’ on this sector.

7. Estimating the possible for the generation of employment opportunities and enhanced standard of livelihood of the local population due to the promotion of this sector. It is imperative to clarify the sustain of the local Self Help Groups (SHGs), NGOs and local societies in this regards.

8. Identifying the different specialization flows for the MSMEs in the sector. for example, MSMEs may chose to focus on solar cookers, solar powered bulbs, contracting of wind turbines, etc.

Conclusion

This sector provides a productive opportunity in terms of profitability and ecosystem sustainability. There are different incentives and policies by the government for the promotion and development of green entrepreneurship in the country. The entrepreneurs have an option to select the different domains in the sector based on the technical functionality and the sustainability as per the area of operations. The recommendations provided in the articles serve as a guideline, however, due caution should be taken while accounting for the external ecosystem and the associated tendency to change.

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