Green Business in India

Dr. Nachiket Mor, Chairman, New Ventures India Steering Committee and Deputy Managing Director, ICICI Bank announces a 100 cr fund to invest in Green Businesses in India (hat tip: Karen Seeh).

Dr. Mor also announced Rs.100 crore investment towards the innovation and development of green businesses in India.

“The burden of climatic changes will be borne by the developing countries, therefore opening up a huge market for green business and the market of clean energy is going to double by 2015”, he said.

India has to maintain its GDP growth to become a developed country and green businesses have lot of growth potential for Indian economy, he added.

India offers a great opportunity for investors who can take risk, invest and take initiative and the current economical growth provides the right pace for venture funding to innovative projects, said Dr. T Ramasami, Secretary, Department of Science and Technology, Government of India.

New Ventures India’s goal is to achieve at least 15 million dollars worth of investments in 20 sustainable and green businesses by 2008. These include areas of green building materials, energy efficiency products and services, renewable energy and water products, said Deikun.

CII – Godrej GBC aims at creating India as one of the global leaders in green businesses and India has leadership potential in green technology in the cement, paper, green buildings and renewable energy sector, said S Raghupathy, Senior Director and Head CII – Sohrabji Godrej Green Business Center (Godrej GBC).

Dr. Mor is a visionary in this area. In Deeshaa, our team had interacted with him at different times and he spearheaded the entry of ICICI bank in the Micro finance and rural banking areas. This will be the new growth area for ICICI.

The Green Wave is spreading in all directions and India has great potential in this area.

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One thought on “Green Business in India

  1. This blog is excellent! I like to see all the economic and business approaches to reducing GHG wastes. I hope this approach is not too little too late. It seems to me that the GHG concentation is probably too big already and what green intustry through green economic theory will do is only add to that mess, although at a rate less than we add to it now. We will nevertheless still add to it. So I must ask the next question. How is the present and future mess supposed to be cleaned up? How is economuc theory going to do this? It adds, not subtracts. Green? What is green in all this hype? Plants, trees and grass and algae. We will need these services to subtract from the GHG mess. What do economists know of biological science? They had better walk across campus into the biology building, sit down and listen and rewrite the models. That is the problem. Original economic theory ignored the biological realities in its model to make profit. These ideas threatened the theory and were thrown in the externality bin. The bin is getting full and the fuller it gets the warmer it gets. Biological theories are all cycles. Economic theory for profit is a one way equation. Green? You want to go green and maintain economic growth too? Better design economic theory as a cycle and keep all the variables in. We wil have to remanufacture everything so it fits back into the bioogical world and proactively grow forests, lawns and all that which is really green to enhance the free indiginous service we expect to clean up after us. We will not be designing models for making an economic profit. We will be making models that when operated cost us like anything else but the gain will be survival. Probably all the “profit” of the past will be spent to fashion the future of biological survival. In this context there really is no profit. There never was. It was an illusion.

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