IREDA to attract MSMEs into green energy sector with more loans

IREDA to attract MSMEs into green energy sector with more loans

New Delhi, July 9 (KNN) To increase the participation of MSMEs in the green energy sector, the Indian Renewable Energy Development Agency (IREDA) has decided to offer more loans.

This was announced by its Chairman and Managing Director Pradip Kumar Das on Friday during the MSME Banking Conclave 2022.

The Minister of State for Finance, Bhagwat Karad, in his address, praised the efforts of IREDA for the overall development of the renewable energy sector.

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The event was organized by the MSME Business Forum India.

With only 1.86% representation of MSMEs in the company’s total loan assets of Rs 33,884 crore (as of May 2022), Das said IREDA was trying to address issues to increase their stake in the renewable energy sector.

He stressed that the target of 500 GW of renewable energy capacity by 2030 cannot be achieved without the considerable participation of MSMEs.

“Therefore, their efforts will be a crucial driver of Aatmnirbhar Bharat,” he added.

Papa pointed out that obtaining loans at reasonable interest rates is still a major challenge faced by MSME entrepreneurs.

He said IREDA has significantly improved the ease of doing business in terms of faceless loan sanctions and disbursements, reduced loan sanctions, documentation and disbursement cycle, and increased geographic footprint. in the country. (KNN Office)