IREDA to attract MSMEs in 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 at the MSME Banking Conclave 2022. 

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

The event was organised by MSME Business Forum India. 

With only 1.86 per cent of MSME representation in the company's total loan assets of Rs 33,884 crore (as of May 2022), Das said that the IREDA is attempting to address the issues  to increase their participation in the RE sector. 

He emphasised that the target of 500 GW of RE 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. 

Dad highlighted that to get loans with reasonable interest rates is still a major challenge faced by MSME entrepreneurs. 

He said that the IREDA has significantly improved the ease of doing business in terms of faceless loan sanctions and disbursements, reduction in loan sanction, documentation and disbursement cycle, and increased geographical footprint in the country.  (KNN Bureau)