Saturday 28 May 2022
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Renewable energy in India gets Rs 1,500 crore

The money the cabinet approved will go to IREDA Ltd, established to finance renewable energy, which plays a big role in futuristic energy, Anurag Thakur said

The union cabinet today decided to infuse Rs 1,500 crore in the Indian Renewable Energy Development Agency Limited (IREDA), raising its lending capacity to Rs 12,000 crore. A proposal in this regard came for consideration before the Cabinet Committee on Economic Affairs that approved it.

Briefing reporters after the cabinet meeting, Information and Broadcasting Minister Anurag Thakur said the decision has been taken in the wake of the lending norms of the Reserve bank of India (RBI).

The minister said the infusion of Rs 1,500 crore will enable IREDA to lend Rs 12,000 crore to the renewable sector.

“Indian Renewable Energy Development Agency Limited plays a big role in the field of renewable energy. This agency was established to finance renewable energy. Its portfolio has increased from Rs 8,800 crore to Rs 28,000 crore in the past six years,” said Thakur.

“But according to RBI, the loan can only be lent on 20% of the net worth. The net worth of IREDA is Rs 3,000 crore. It can lend loans up to Rs 600 crore only,” the union minister added.

Thakur further said that the decision would enable IREDA to lend loans up to Rs 12,000 crore in the renewable sector. It will also help the public sector unit (PSU) to create a renewable energy capacity of 3,500 to 4,000 MW.

In addition to this, the cabinet also approved a scheme for grant of ex-gratia payment of the difference between compound interest and simple interest for six months to borrowers in specified loan accounts.

Approval was given also for the extension of tenure of the National Commission for Safai Karamcharis for three years beyond 31 March.

The National Commission for Safai Karamcharis (NCSK) was constituted on 12 August 1994 as a statutory body by an Act of Parliament for a period of three years.

The validity of the Act was extended up to February 2004 twice by passing amendment bills by Parliament, according to the website of the commission.

Since the lapse of the National Commission for Safai Karamcharis Act in 2004, the Commission has been acting as a non-statutory body of the Ministry of Social Justice and Empowerment. The tenure of the Commission was being extended from time to time through Government Resolutions.

The mandate of the body includes recommending to the central government-specific programmes of action towards elimination of inequalities in status, facilities and opportunities for sanitation workers.

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