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the question to be researched in about an already proven theory or hypothesis and researcher has to corroborate it (Clark, 2004). According to Saunders (2003), the positivism is commonly used in the research for natural sciences. It is used for the measurable and qualitative data that can be quantified and statistically analysed.

Empirical and theoretical research methods are also included in the research techniques. In this type of research methodology, data or empirical observations are collected by using different data collection techniques such as email and internet surveys and is utilized to answer a specific research question. This is the primary research method that is used in academic research but it is also useful in answering practical problems (Clark, 2004).

3.4 Methods of Data Collections

The research will be conducted about the overall economic condition of India during the last decade and the future needs of energy for the sustainable growth in the financial system of the country. This includes primary research for which data will be collected by conducting online vice/video interviews with the managers or directors of an Indian biofuel company. An email survey will be conducted to get primary data from the customers also. The secondary research will be made for the methodology to construct an ideal and profitable business strategy, the processes and steps involved in the construction of business strategy. The case studies for the development of business strategies for the biofuel industry from different developing countries are also a part of the secondary data research.

3.5 Data Collection

Review of ethanol production in India, stakeholders and availability of biofuel processing facilities. A survey was conducted to collect data about the present situation of energy requirements of the country, fuel prices of the country during the recent past and the prices of biofuel were obtained from the Federal Bureau of statistics. Moreover, the survey was conducted to acquire data about the contemporary business models that are being applied in the market by different local and multinational organizations. Two different questionnaires were requested to get information separately from the front line management of local as well as multinational organization and customers. Online interviews and email survey were conducted to collect data from managers of biofuel industry in India and customers respectively. Literature available online was also utilized in the research.

3.6 Data Recording

Based on the primary research, the online interviews were recorded digitally. These recording were transcribed on the questionnaires. The data collected from email survey of the customers was also processed into secondary data. This data and the data obtained from the literature review were in turn recorded on computer based programs such as Microsoft Excel and other data recording tools.

3.7 Adopted research methodology for this research

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