Abstract

India is an agrarian country, more than 60% of the population lives in the villages and rural areas, and the major occupation held by most of the people in rural India is agriculture and ailed activities. Moreover the agriculture in India is considered as gamble with monsoon. More than 60% are dry lands; ironically the rainfall in India is not evenly distributed, which is a major bottle neck in the agri-output augmentation. It is very much necessary to transform dry lands into productive avenues of income & employment generation. It is the time to encourage the rural people to pursue the entrepreneurship as a means to overcome the barriers to growth and development & reduce the dependence on uncertain agriculture. Entrepreneurship is the only means by which we can transform the rural economy, ensure the generation of employment, equitable distribution of income and wealth. On the other hand, India is facing severe energy crisis, imports are dominated by the crude oil and petroleum products. Moreover India is shedding huge amount of foreign exchange on oil imports to keep the country moving. Biodiesel from microalgae seem to be the most promising renewable biofuel[i] that has the potential to completely displace petroleum-derived transport fuel without adversely affecting supply of food and other agricultural products. Demand for fuel never comes down; hence an Innovative entrepreneurship[ii] in this direction has high probability to succeed. To enunciate a study has been initiated to ascertain the potential of Micro Algae production and marketing at the rural areas and devising of a unique PPP(P3) – Public Private Partnership model[iii], which will ensure the optimum utilization of rural resources, generate the continuous employment for rural people, lessen the dependency on the uncertain agriculture, reduce the dependency on the fossil fuels, provide an alternative source of energy, decrease the environmental pollution, save precious foreign exchange and make India a self sufficient country.

Key Words: Innovative Entrepreneurship, Biofuel, Public Private Partnership, energy crisis.