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 the cost of electricity consumption, which on average, is up to one-fifth of their operations cost. (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 the cost of electricity consumption, which on average, is up to one-fifth of their operations cost.
Addressing a program virtually, Mr. 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 ₹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,” Mr. Gadkari added.
Addressing the event, Junaid Ahmad, Country Director India, World Bank, said the World Bank is committed to the cause of MSMEs, and investment in this industry will aid India’s aim to become ‘Aatmanirbhar’ or ‘self-reliant’.
“By facilitating MSMEs to decarbonize their power consumption sustainably, India can achieve a twin objective of greening the economy and uplifting MSMEs to become highly competitive by reducing its power costs,” he added.
Resource JP Simon International
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