India markets closed
  • BSE SENSEX

    49,591.32
    -154.89 (-0.31%)
     
  • Nifty 50

    14,834.85
    -38.95 (-0.26%)
     
  • USD/INR

    74.7190
    +0.1580 (+0.21%)
     
  • Dow

    33,800.60
    +297.03 (+0.89%)
     
  • Nasdaq

    13,900.19
    +70.88 (+0.51%)
     
  • BTC-INR

    4,531,249.50
    +151,224.50 (+3.45%)
     
  • CMC Crypto 200

    1,235.89
    +8.34 (+0.68%)
     
  • Hang Seng

    28,698.80
    -309.27 (-1.07%)
     
  • Nikkei

    29,768.06
    +59.08 (+0.20%)
     
  • EUR/INR

    88.9736
    +0.1138 (+0.13%)
     
  • GBP/INR

    102.4248
    +0.0272 (+0.03%)
     
  • AED/INR

    20.2980
    +0.0430 (+0.21%)
     
  • INR/JPY

    1.4645
    +0.0017 (+0.12%)
     
  • SGD/INR

    55.7420
    +0.0980 (+0.18%)
     

Gadkari urges MSMEs to avail concessional finance and install rooftop solar

·1-min read

New Delhi, Feb 26 (PTI) Union minister Nitin Gadkari on Friday invited MSMEs to avail concessional debt finance to install rooftop solar for business efficiency. The Minister for Micro, Small and Medium Enterprises (MSMEs) and Road Transport & Highways said rooftop solar offers an excellent value proposition to MSMEs by significantly bringing down cost of electricity consumption, which on an average, is up to one-fifth of their operations cost.

Addressing a programme virtually, Gadkari said, 'I believe there is a strong business case for MSMEs to install rooftop solar and achieve significant savings to achieve the cost-competitiveness. I am confident that MSMEs will stand together in generating and consuming solar power using their rooftops.' The minister observed that a large amount (average Rs 8 and higher per unit) is being paid by the MSMEs for power consumption, which contributes to up to one-fifth of the overall production costs. 'To assist MSMEs in implementing rooftop solar projects, the ministry is working with the World Bank on a credit guarantee program to make financing accessible to unrated MSMEs. Considering the rates of solar power from large utility power plants have come down to a record INR 1.99/kWh, MSMEs must leverage this opportunity to bring down their energy expenses,' he said. Addressing the event, Junaid Ahmad, Country Director India, World Bank, said the World Bank is committed to the cause of MSMEs and an investment in this industry will aid India's aim to become 'Aatmanirbhar' or 'self-reliant'. 'By facilitating MSMEs to decarbonise their power consumption in a sustainable manner, India can achieve a twin objective of greening the economy and uplifting MSMEs to become highly competitive by reducing its power costs,' he added. PTI RSN MKJ