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Original Article | Volume 2 Issue 4 (ACR, 2025) | Pages 3074 - 3091
Critical Financial Barriers to Technology Adoption and Entrepreneurship in Rural India: A TISM Modeling Approach
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Centre for Rural Development and Technology Indian Institute of Technology Delhi, New Delhi, India
Under a Creative Commons license
Open Access
Abstract

This study investigates the critical barriers impacting the financial mechanisms necessary for adopting innovative technologies and fostering entrepreneurial initiatives in rural areas of India. Despite the rich natural and human resources in rural India, which present an ideal combination for innovation and entrepreneurship, these areas remain underdeveloped, partly due to insufficient financial mechanisms. Aligning with the UN's Sustainable Development agenda and the imperative for sustainability-oriented innovation, the research employs the Total Interpretive Structural Modeling (TISM) approach to identify and analyze the hierarchical relationships among the critical barriers. Key impediments identified include insufficient financial literacy, lack of government initiatives, gender disparity, lack of financial independence for youth and women, limited access to traditional banking services, complex banking procedures, lack of easy fundraising processes, lack of investors, and lack of education and training. The findings highlight that the lack of investors is a significant constraint, and governmental intervention is crucial for creating the necessary infrastructure, providing financial education, and improving banking services to stimulate rural economies and drive innovation adoption. This research offers valuable insights for policymakers and stakeholders to strategically address these barriers and promote inclusive economic growth.

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