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Green financial instruments in India: a study on its current status and future prospects

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  • Prerana Sarma
  • Arup Roy

Abstract

The purpose of this paper is to explore the present scenario of green financial instruments in India. The paper also highlights the scope for introducing additional green financial instruments in India. Results reveal that Indian banks are active issuers of green financial instruments. Stock exchanges in India are also seen implementing green finance by modifying their operations and by abiding to International Sustainable Finance Initiatives. Results highlight that India has introduced a variety of green financial instruments which include green indices, green venture capital, green bond, green loans, green insurance, guarantees, green banking, and risk-sharing tools. However, only 8 out of 18 green financial instruments found in other nations are available in India. The study recommends scope for introducing additional green financial instruments in India. This study may benefit the regulators for identifying scope for expansion of green finance in India.

Suggested Citation

  • Prerana Sarma & Arup Roy, 2021. "Green financial instruments in India: a study on its current status and future prospects," International Journal of Business Innovation and Research, Inderscience Enterprises Ltd, vol. 26(2), pages 194-218.
    • Handle: RePEc:ids:ijbire:v:26:y:2021:i:2:p:194-218
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    Cited by:

    1. Abhilash & Sandeep S. Shenoy & Dasharathraj K. Shetty & Lumen Shawn Lobo & Subrahmanya Kumar N., 2023. "Green Bond as an Innovative Financial Instrument in the Indian Financial Market: Insights From Systematic Literature Review Approach," SAGE Open, , vol. 13(2), pages 21582440231, June.
    2. Shangram Bahadur Shah & Jirakiattikul Sopin & Kua-Anan Techato & Bibek Kumar Mudbhari, 2023. "A Systematic Review on Nexus Between Green Finance and Climate Change: Evidence from China and India," International Journal of Energy Economics and Policy, Econjournals, vol. 13(4), pages 599-613, July.

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