Speed Post News Network
New Delhi : Union Micro, Small and Medium Enterprises (MSME) and Road Transport & Highways Minister Nitin Gadkari on March 2, 2021, invited MSMEs to avail concessional debt finance to install rooftop solar for business efficiency. Rooftop Solar, he said, 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 promoting awareness about rooftop solar (RTS) among MSMEs on March 2, 2021, 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 programme, inaugurated virtually by the Minister, was held in the presence of B B Swain, Secretary, Ministry of Micro, Small and Medium Enterprises; Indu Shekhar Chaturvedi, Secretary, Ministry of New and Renewable Energy; Junaid Ahmad, Country Director India, World Bank; and Dinesh Kumar Khara, Chairman, State Bank of India, according to a PIB release.
Gadkari, further added 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 programme to make financing accessible to unrated MSMEs.” The Minister also highlighted that rooftop solar contributes in economic recovery as it employs more people than any other renewable energy.