IREDA upgraded from 'Schedule B' to 'Schedule A' category UPSC

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Context: The Indian Renewable Energy Development Agency Ltd. (IREDA) has been upgraded from the 'Schedule B' category to the 'Schedule A' category of Central Public Sector Enterprises. This upgrade is a recognition of its contributions in the field of renewable energy and green financing.

Key Highlights

The upgrade to the 'Schedule A' category opens up the possibility for IREDA to further elevate its status to "Navratna," which is a higher level of classification for public sector enterprises in India. This would grant IREDA increased financial autonomy.
- The 'Navratna' status, if achieved, would provide IREDA with greater financial autonomy, enabling it to make decisions independently and efficiently in pursuit of its renewable energy goals.
IREDA's primary focus is on accelerating the adoption of renewable energy solutions across India. This upgrade will allow the organization to make more strategic decisions in line with its commitment to sustainable energy development.
This development reflects India's commitment to renewable energy and sustainability and recognizes IREDA's role in facilitating the growth of the renewable energy sector in the country. It also indicates the government's trust in IREDA's ability to drive this transformation effectively.

Indian Renewable Energy Development Agency Limited (IREDA)

●IREDA was established in 1987 as a Mini Ratna (Category – I) Government of India Enterprise. It operates as a Non-Banking Financial Institution (NBFC) and is administratively controlled by the Ministry of New and Renewable Energy (MNRE).

●The primary purpose behind its formation was to promote, develop, and provide financial assistance for projects related to new and renewable sources of energy as well as energy efficiency and conservation.

●IREDA works towards the promotion of renewable energy sources in India. It encourages the adoption of technologies and practices that harness renewable energy and enhance energy efficiency.

●The agency plays a crucial role in the development of renewable energy projects across the country. This involves providing financial support and guidance to individuals, organizations, and businesses looking to invest in renewable energy initiatives.

●IREDA extends financial assistance to various projects related to renewable energy and energy conservation. It offers loans, grants, and other financial instruments to help set up and operate such projects.

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IREDA: https://www.iasgyan.in/daily-current-affairs/ireda-23

PRACTICE QUESTION

Q. What role does the Indian Renewable Energy Development Agency (IREDA) play in promoting and supporting renewable energy projects in India, and how does it contribute to the country's efforts in achieving a more sustainable energy future?